To a hammer, everything is a nail, and so it is with California’s Department of Financial Protection and Innovation (DFPI). Don’t let the “innovation” in the agency’s name fool you – far too many of its regulations deter rather than promote innovative solutions as evidenced by the agency’s recent stance on earned wage access (EWA) companies.
EWA firms leverage technology to provide employees with early access to a portion of their earned wages before payday. It is a financial tool that helps many people more effectively manage their liquidity needs, some of whom may be living paycheck to paycheck.
Surveys confirm that a majority of EWA customers are satisfied with their experience and use this financial tool responsibly.
Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.
Misguided California Regulation Would Hinder Useful Financial Tool
Wayne Winegarden
To a hammer, everything is a nail, and so it is with California’s Department of Financial Protection and Innovation (DFPI). Don’t let the “innovation” in the agency’s name fool you – far too many of its regulations deter rather than promote innovative solutions as evidenced by the agency’s recent stance on earned wage access (EWA) companies.
EWA firms leverage technology to provide employees with early access to a portion of their earned wages before payday. It is a financial tool that helps many people more effectively manage their liquidity needs, some of whom may be living paycheck to paycheck.
Surveys confirm that a majority of EWA customers are satisfied with their experience and use this financial tool responsibly.
Click to read the full article in Forbes.
Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.