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
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 fees, are finance charges under the federal Truth...