CFPB: Earned Wage Advances Not Consumer Loans
Update: 2025-12-22
Description
The U.S. Consumer Financial Protection Bureau has reversed its stance on earned wage advances, ruling they are not consumer loans. This decision, made under President Donald Trump, exempts companies offering these advances from Truth in Lending Act rules. The opinion, though not legally binding, provides clear guidance to the industry. Companies like Chime allow workers to access up to $500 of their wages early, interest-free. The shift in policy, which also includes lighter regulation on anti-discrimination rules, has mixed reactions from workers and companies. Checkout Solipillow.com
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