Appearing in Vox on Sep. 8, 2023, Tatiana Walk-Morris goes in-depth with Lauren Saunders for a discussion on earned wage access apps, an increasingly popular service that offers users early pay, often in exchange for a fee. “The biggest problem with these programs is they really end up [with] people paying to be paid, and…
Read More about Vox: Why so many people are paying to get their paychecks
If you go to work every day, why don’t you get your paycheck immediately? Chana Schoenberger and Kate Fitzgerald at American Banker’s Bankshot podcast look at a new type of payday advance that sprung up in recent years known as earned wage access and talk to NCLC’s Lauren Saunders about who benefits and how when…
Read More about Bankshot: Lauren Saunders Discusses Earned Wage Access. Early Payday or Payday Loan?
Originally appearing in American Banker (by subscription), Miriam Cross interview Lauren Saunders in a look at attempts across state legislatures to regulate earned wage access services. “California is not banning the product, but it is making clear they are loans, that they are generally subject to California financing laws and they must comply with fee…
Read More about American Banker: State efforts to regulate earned wage access are heating up
Consent orders target SoLo Funds platform offering loans as high as 511%-4,280% APR WASHINGTON – Advocates applauded new consent orders from California, Connecticut, and the District of Columbia that block the fintech payday loan website SoLo Funds from offering unlicensed payday loans that use “tips” and “donations” to conceal annual percentage rates (APRs) of 511%…
Read More about CA, CT, DC Issue Orders Against Fintech Payday Loans that Solicit “Tips”
The Center for Responsible Lending, Consumer Federation of California, and National Consumer Law Center submitted comments to the Department of Financial Protection and Innovation’s (DFPI or Department) Proposed Regulations Under the California Consumer Financial Protection Law and the California Financing Law, California Deferred Deposit Transaction Law, and California Student LoanServicing Act, PRO 01-21. These comments…
Comments to the portions of regulations proposed by the Cal. Dept. of Financial Protection and Innovation regarding the oversight of businesses that offer education financing and student debt relief services in California.
