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The ConsumerFinancialProtectionBureau (CFPB) has proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act. Most fee revenue, 92.5%, was for expedited transfers.
While the ConsumerFinancialProtectionBureau [CFPB] plans to issue further guidance to provide greater clarity concerning the application of federal law to income-based advance products, several states have taken individual legislative actions targeting EWA in recent months.
The rule targets a statutory loophole that the CFPB asserts large credit card issuers exploited to exact excessive late fees from consumers. No inflation adjustment: The automatic annual inflation adjustment permitted under the implementing statute no longer applies to the $8 late fee threshold.
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