Compliance, Financial Services
15 Jan 2025
consumer financial protection, cfpb, regulation z, credit products, earned wage access, payroll advances
📑CFPB Rescinds Guidance on Earned Wage Products
The Consumer Financial Protection Bureau (CFPB) is issuing this advisory opinion to rescind an advisory opinion it issued in November 2020 that described how one particular type of "earned wage" product does not involve the offering or extension of "credit" as that term is defined in the Truth in Lending Act and Regulation Z.
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