Testimony in support of Hawaii SB 2664, which clarifies that earned wage advances and other fintech cash advances are loans subject to Hawaii law and interest rate limits. In 2021, the Hawaii Legislature voted unanimously to end predatory payday lending in the state when it enacted HB 1192
NCLC supports Maryland HB 246, which clarifies that earned wage advances and other fintech cash advances are loans subject to Maryland law and interest rate limits. The bill would prevent new forms of high-cost loans from evading Maryland’s strong consumer protection laws and limit high-cost services that result in workers paying to be paid.
Letter to the VT House Committee on Commerce and Economic Development re: H 87 An act relating to earned wage access service providers
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
We are seeing an explosion of new products allowing consumers to purchase goods and services on credit or to take advances when money runs out before payday. Some are balloon-payment loans, repaid in full with the next deposit or paycheck. Others are repaid over time, some in four installments, others over a longer time period.…