Agreements, Junk Fees and Legal

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Agreements

Junk Fees

Legal

CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products

Fintech Finance

JULY 19, 2024

The guidance will ensure that lenders understand their legal obligations to disclose the costs and fees of these credit products to workers. In March 2023, the CFPB and the National Labor Relations Board announced an information sharing agreement to protect American workers from illegal practices.

CFPB

CFPB Rules Product Consumer Financial Protection Bureau (CFPB)

The shifting EWA regulatory framework and its impact on bank partnerships and instant payment adoption

Tearsheet

MARCH 27, 2024

Alternatively, DailyPay charges a fee if employees choose to instantly send EWA wages to a card or account. Whether this fee is covered by the employer or the employee depends on the agreement. According to them, EWA services provided by third parties may qualify as loans and will be subject to the state’s lending regulations.

Instant Payments

Instant Payments RTP Consumer Financial Protection Bureau (CFPB) FedNow

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Payments Space

CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products

The shifting EWA regulatory framework and its impact on bank partnerships and instant payment adoption

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