It has been a lean legislative session in Congress for fintech. However this week some progress was made on earned wage entry.
However on Wednesday we discovered that the Earned Wage Entry Shopper Safety Act superior within the Home Monetary Providers Committee. This invoice goals to supply a federal regulatory framework for corporations providing this product.
The states have taken the lead with regards to earned wage entry regulation with Nevada, Missouri and Wisconsin all adopting new rules. However there was little motion on the federal degree till now.
The brand new invoice is robust on shopper protections, setting strict boundaries for each the employer and direct-to-consumer fashions. It nonetheless has a protracted approach to go to develop into regulation, however it’s a constructive first step.
I’m a giant fan of this product, as I believe it’s the one fintech innovation with probably the most potential to remodel monetary well being on an enormous scale.
And it simply is sensible. We stay in an on-demand world, we shouldn’t have to attend two weeks to obtain wages we’ve got already earned.
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> Congress Advances Earned Wage Entry Invoice as Recognition Grows
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When is a mortgage not a mortgage? That’s, in a single sense, the query on the coronary heart of proposed new federal laws round earned wage entry (EWA) that’s approaching the heels of a number of states debating their very own rules within the absence of considerable federal guidelines round EWA merchandise.
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