CFPB Official Floats Reconsider Guidance on Earned Wages Access

By Elise Hansen (Jan. 19, 2022 7:02 p.m. EST) — The Consumer Financial Protection Bureau may reconsider a 2020 advisory on wage access products, a CFPB official said, citing “confusion” over the agency’s scope first Manual.

The CFPB’s existing advisory decisions on wage access products should be read closely, acting General Counsel Seth Frotman said in a letter to consumer groups Tuesday. The letter responded to supporters’ concerns that a pending law in New Jersey would unfairly exempt some earned-wage access programs from various state credit laws.

“It is clear from your account of legislative history that the Opinion has created confusion as proponents of the bill…

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