CFPB's Proposed Earned Wage Advance Rule Clarifies That High Cost Predatory "Fintech" Products are Loans, and Lenders Must Disclose Fees and Charges to Consumers
July 19, 2024
July 19, 2024
DURHAM, North Carolina, July 19 (TNSres) -- The Center for Responsible Lending issued the following news release on July 18, 2024:
WASHINGTON, DC - The Consumer Financial Protection Bureau (CFPB) today issued a proposed interpretive rule that will ensure important legal protections for consumers who use fast-growing wage advance loan products. The proposed rule clarifies that so-called earned wage advance (EWA) products are loans, and that many tips and fees, like expedited delivery . . .
WASHINGTON, DC - The Consumer Financial Protection Bureau (CFPB) today issued a proposed interpretive rule that will ensure important legal protections for consumers who use fast-growing wage advance loan products. The proposed rule clarifies that so-called earned wage advance (EWA) products are loans, and that many tips and fees, like expedited delivery . . .