Agreements, Junk Fees and Laws

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Agreements

Junk Fees

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

Fintech Finance

JULY 19, 2024

In recent years, workers have seen big increases in wages, but junk fees and high rates on financial products not only chip away at these gains – they take advantage of workers,” said Acting Secretary of Labor Julie Su. “As In July 2023, the CFPB issued a report on the risks workers face from employer-driven debt.

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. Under Connecticut’s new banking guidance, EWA providers will have to adhere to the state’s small loan law provisions.

Instant Payments

Instant Payments RTP Consumer Financial Protection Bureau (CFPB) Junk Fees

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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