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The CFPB Says EWA is Credit
Manage episode 430202116 series 3561478
Innovative Payments Association에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Innovative Payments Association 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.
Workers may have a harder time getting access to money when they need it, if a new interpretive rule from the Consumer Financial Protection Bureau goes into effect.
The Bureau released an interpretive rule on Thursday that classifies all earned wage access products as credit and therefore subject to certain disclosures and underwriting rules.
I’m Ben Jackson and in this episode, I talk with Brian Tate, the IPA’s CEO, about what the proposed rule and what it might mean for the industry and workers.
This podcast was recorded on July 18, 2024. Things may have changed by the time you hear it.
You can find the text of the interpretive rule here: Consumer Credit Offered to Borrowers in Advance of Expected Receipt of Compensation for Work | Consumer Financial Protection Bureau (consumerfinance.gov)
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