High-Cost Credit

Fintech Credit & Earned Wage Advances

New forms of credit often attempt to evade consumer protection laws. Buy now pay later products, earned wage access products, credit features on banking and financial management apps, and other new fintech credit products all pose a number of risks. New underwriting methods also impact the safety of credit. NCLC works to ensure that new forms of credit have strong consumer protections.

Letter Opposing H.R. 7428 (Steil), Earned Wage Access Consumer Protection Act

April 16, 2024

The 192 undersigned labor, civil rights, consumer, legal services and community groups and academics write to express our opposition to HR 7428 (Steil), the Earned Wage Access Consumer Protection Act. In the guise of offering protections, the bill obscures its true effect: to exempt fintech cash advances from the Truth in Lending Act, to endorse…

Read More about: Letter Opposing H.R. 7428 (Steil), Earned Wage Access Consumer Protection Act
October 11, 2023
April 10, 2023

Featured

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Letter Opposing H.R. 7428 (Steil), Earned Wage Access Consumer Protection Act

April 16, 2024

Opposition to H.R. 7440 (McHenry) Financial Services Innovation Act of 2023

April 16, 2024

American Banker: Industry groups sue over Colorado’s crackdown on high-cost lending

March 26, 2024

Testimony Before Maryland Senate on Amended HB 246: Earned Wage Access and Credit Modernization

March 26, 2024

Testimony Opposing Maryland HB 1425/SB 998 Earned Wage Access

March 1, 2024

Testimony in Support of Hawaii SB 2664 on Earned Wage Advances

February 14, 2024

Testimony in Support of Maryland HB 246

January 23, 2024

California Should Not Delay Protections for Fintech Cash Advances

November 28, 2023

Comments to Calif. DFPI on Revised Earned Wage Advance Regulations

November 27, 2023

Comments & Letters

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Letter Opposing H.R. 7428 (Steil), Earned Wage Access Consumer Protection Act

April 16, 2024

Opposition to H.R. 7440 (McHenry) Financial Services Innovation Act of 2023

April 16, 2024

Comments to Calif. DFPI on Revised Earned Wage Advance Regulations

November 27, 2023

Comments on California DFPI Proposed Rules on Earned Wage Advances and Other Fintech Cash Advances

May 17, 2023

Comments to California Department of Financial Protection and Innovation Regarding Education Financing and Student Debt Relief Services

May 17, 2023

Letter Opposing Nevada Earned Wage Advance Bill

May 9, 2023

Letter Analyzing Nevada Earned Wage Advance Bill

March 16, 2023

Letter urging the Arizona Attorney General to Rescind Opinion Letter regarding Earned Wage Access Product

January 24, 2023

Coalition Comments to FHFA on Fintech

October 31, 2022

Reports

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Fintech and Consumer Protection: A Snapshot

March 1, 2019

Paper Statements: An Important Consumer Protection

March 1, 2016

Issue Briefs

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State Recommendations for Earned Wage Advances and Other Fintech Cash Advances

October 11, 2023

Earned Wage Advances and Other Fintech Payday Loans: Workers Shouldn’t Pay to be Paid

April 20, 2023

Data on Earned Wage Advances and Fintech Payday Loan “Tips” Show High Costs for Low-Wage Workers

April 10, 2023

Testimony

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Testimony Before Maryland Senate on Amended HB 246: Earned Wage Access and Credit Modernization

March 26, 2024

Testimony Opposing Maryland HB 1425/SB 998 Earned Wage Access

March 1, 2024

Testimony in Support of Hawaii SB 2664 on Earned Wage Advances

February 14, 2024

Testimony in Support of Maryland HB 246

January 23, 2024

Testimony on Vermont H.87 Regarding Earned Wage Access Service Providers

March 13, 2023

Testimony of Lauren Saunders Before the U.S. House Task Force on Financial Technology on Buy Now, Pay Later and Other Fintech Cash Flow Products

November 1, 2021

Press Releases & News

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American Banker: Industry groups sue over Colorado’s crackdown on high-cost lending

March 26, 2024

California Should Not Delay Protections for Fintech Cash Advances

November 28, 2023

Consumers Need Strong Protections from Fintech Cash Advances that Create Debt Traps

October 11, 2023

Bankshot: Lauren Saunders Discusses Earned Wage Access. Early Payday or Payday Loan?

July 27, 2023

American Banker: State efforts to regulate earned wage access are heating up

May 19, 2023

CA, CT, DC Issue Orders Against Fintech Payday Loans that Solicit “Tips”

May 18, 2023

California DFPI Should Prevent Fintech Predatory Lending, Expand Protections in Earned Wage Advance Proposal 

May 17, 2023

NPR: Apple rolls out Apple Pay Later — a buy now, pay later service

March 30, 2023

California to Regulate Fintech Payday Loans

March 17, 2023

Legislation

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Letter Opposing H.R. 7428 (Steil), Earned Wage Access Consumer Protection Act

April 16, 2024

Opposition to H.R. 7440 (McHenry) Financial Services Innovation Act of 2023

April 16, 2024

Testimony Before Maryland Senate on Amended HB 246: Earned Wage Access and Credit Modernization

March 26, 2024

Testimony in Support of Maryland HB 246

January 23, 2024

Letter Opposing Nevada Earned Wage Advance Bill

May 9, 2023

Letter Analyzing Nevada Earned Wage Advance Bill

March 16, 2023

Testimony on Vermont H.87 Regarding Earned Wage Access Service Providers

March 13, 2023

Letter Opposing NJ Earned Income Access Bill

December 30, 2021

Consumer Comments to CA DFPI on Earned Wage Access Products

March 15, 2021

From the NCLC Digital Library

Consumer Credit Regulation

Innovative thinking and precise authority on predatory lending and other consumer credit, including analysis on other players in consumer accounts and payment systems.

Read Chapter One

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