Dec 25, 2024
A close-up view of a payroll document alongside U.S. dollar bills.
The CFPB Says Earned Wage Advances Classified as Consumer Loans

As reported by Reuters, the U.S. Consumer Financial Protection Bureau (CFPB) announced on Thursday that "earned wage" advances on worker paychecks should be considered consumer loans under federal law. This move aims to establish federal guidelines for a rapidly expanding market. In its proposed interpretive guidance, the CFPB stated that... Read More »