WASHINGTON, Dec. 23 -- Consumer Financial Protection Bureau has issued a notice called: Truth in Lending (Regulation Z); Non-application to Earned Wage Access Products.
The notice was published in the Federal Register on Dec. 23 by Russell Vought, Acting Director, Consumer Financial Protection Bureau.
Summary: The Consumer Financial Protection Bureau (CFPB) is issuing this advisory opinion to resolve regulatory uncertainty regarding: (1) the applicability of the definition of credit under Regulation Z, which implements the Truth in Lending Act (TILA), to earned wage access (EWA) products that conform to the description of "Covered EWA" provided in part I.C.2 of this advisory opinion; and (2) the applicability of the definition of finance ...