News Release: 160+ Groups Urge Clear Fee Disclosures for Paycheck Advance Apps in Letter to the CFPB
More than 160 consumer, labor, civil rights, faith-based, and community organizations submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) in support of its proposed interpretive rule ensuring important legal protections for consumers who use earned wage advance (EWA) or other fintech cash advance products that need to be repaid with the borrower’s next paycheck. The letter calls for clearer cost and fee disclosures for these workplace payday loans.
