The Consumer Financial Protection Bureau (CFPB) has ended financial services provider Payactiv’s Sandbox Approval Order for its earned wage access products. The bureau said Thursday (June 30) it had given the company special regulatory treatment, which deals with its liabilities under federal law, but rescinded...
U.S. Bank has partnered with financial wellness platform Payactiv to offer a new solution that gives clients better earned wage access (EWA), the companies announced Wednesday (Feb. 16). Employees of companies using the prepaid U.S. Bank Focus Card for payroll will now be able to...
Payactiv‘s Earned Wage Access (EWA) program is exempt from federal lending law under new rules from the Consumer Finance Protection Bureau (CFPB), according to a press release. The CFPB ruled that the EWA program isn’t credit and thus doesn’t have to abide by the federal...
Regulators recently announced plans to take a closer look at the early wage access industry, but as demand among the workforce for such FinTech solutions continues to rise, experts are encouraging lawmakers to get on board with a new normal of payroll. In a new...
March 07, 2019
If rules were made to be broken, what better rule to break than the rigid two-week payday cycle? Visa and PayActiv have teamed up to offer on-demand access to earned wages, which Cecilia Frew, SVP and head of North America push payments at Visa Direct, says can be a game-changer for employees — and especially gig workers.
June 30, 2022
The Consumer Financial Protection Bureau (CFPB) has ended financial services provider Payactiv’s Sandbox Approval Order for its earned wage access products. The bureau said Thursday (June 30) it had given the company special regulatory treatment, which deals with its liabilities under federal law, but rescinded that earlier order at Payactiv’s request, as the company prepares […]
February 16, 2022
U.S. Bank has partnered with financial wellness platform Payactiv to offer a new solution that gives clients better earned wage access (EWA), the companies announced Wednesday (Feb. 16). Employees of...
December 30, 2020
Payactiv‘s Earned Wage Access (EWA) program is exempt from federal lending law under new rules from the Consumer Finance Protection Bureau (CFPB), according to a press release. The CFPB ruled...
September 02, 2019
Regulators are taking a closer look at financial apps that allow workers to access their pay early. The apps claim they are more affordable — and safer — alternatives for...
