California DFPI Defines Earned Wage Advance Products as Credit in Proposed Rules
OAKLAND, CA - The California Department of Financial Protection and Innovation (DFPI) proposed new regulations on Friday that would treat Earned Wage Advance (EWA) products as credit and require providers to disclose the true cost of the loan and abide by interest rate caps. The Center for Responsible Lending (CRL) and other advocacy organizations have sounded the alarm as predatory...