Private banking

CFPB urged to change course on earned salary programs

By Elise Hansen (Oct 12, 2021, 7:34 p.m. EDT) – Nearly 100 organizations on Tuesday urged the Consumer Financial Protection Bureau to revoke or revise its previous actions on earned wage access products, saying the decisions could be exploited to evade the laws on loans and payday lending.

The CFPB should consider income access products, especially those involving fees, as 96 consumer and civil rights organizations said in a letter. Access to Earned Wage programs generally allow workers to leverage wages that they have spent on hours earned, but for which they have not yet received a paycheck.

The groups, which included the National Consumer Law Center and the Center for Responsible Lending, urged …

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