It has been a lean legislative session in Congress for fintech. However this week some progress was made on earned wage entry.
However on Wednesday we realized that the Earned Wage Entry Shopper Safety Act superior within the Home Monetary Companies Committee. This invoice goals to offer a federal regulatory framework for corporations providing this product.
The states have taken the lead with regards to earned wage entry regulation with Nevada, Missouri and Wisconsin all adopting new rules. However there was little motion on the federal stage till now.
The brand new invoice is robust on client protections, setting strict boundaries for each the employer and direct-to-consumer fashions. It nonetheless has an extended option to go to turn out to be legislation, however it’s a constructive first step.
I’m a giant fan of this product, as I believe it’s the one fintech innovation with essentially the most potential to remodel monetary well being on a large scale.
And it simply is smart. We dwell in an on-demand world, we shouldn’t have to attend two weeks to obtain wages we now have already earned.
Featured
> Congress Advances Earned Wage Entry Invoice as Reputation Grows
When is a mortgage not a mortgage? That’s, in a single sense, the query on the coronary heart of proposed new federal laws round earned wage entry (EWA) that’s approaching the heels of a number of states debating their very own rules within the absence of considerable federal guidelines round EWA merchandise.
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