Payactiv receives CFPB approval for Earned Wage Access program

Payactiv issued CFPB approval order affecting Consumer Financial Protection Bureau on December 30, 2020.

Primary

Payactiv

Counterparty

Consumer Financial Protection Bureau

Structure

CFPB approval order

Date

December 30, 2020

Sub-sector

Payments

First company-specific CFPB approval establishing EWA as non-credit product exempt from TILA, reducing regulatory uncertainty for earned wage access category.

Primary company

Payactiv

Counterparty

Consumer Financial Protection Bureau

Amount

—

Event date

December 30, 2020

Sub-sector

Payments

HQ

—

Structure

CFPB approval order

Source published

December 30, 2020

Publisher

TMCnet / PRNewswire

Source: tmcnet.com