EarnIn’s Post

Earned Wage Access is growing in popularity, and the US Congress has released the "Earned Wage Access Consumer Protection Act". The bill require that providers offer a fee-free option. It also prevent providers from using external debt collectors to pursue repayment. The restriction on the use of debt collectors looks like a progressive win and should lead to EWA providers building robust customer care departments internally. I have to wonder how the collection industry let this one slip by without putting their best lobbyists to work fighting against it.

Financial Technology Association Urges Connecticut General Assembly to Modify Harmful Earned Wage Access Bill “Several EWA providers have already left Connecticut due to the restrictive and improper guidelines imposed by the Department of Banking,” said Penny Lee, President and Chief Executive Officer of the Financial Technology Association. “The legislation threatens to leave Connecticut workers without a no-cost option to access their wages and meet their financial needs.” https://lnkd.in/ejsBztVU Miranda Margowsky #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Terri Bradford, Kansas City Fed's advanced payments specialist, has published a new Payments Briefing on earned wage access (EWA). Here is an overview: ◼️ Earned wage access has gained popularity. ◼️ These services come with risks, including complex fee structures and high transaction costs. ◼️ These services operate in a regulatory gray area, and states have taken the lead on enacting EWA laws. ◼️ The adoption of instant payments may be integral to shifting toward a better alternative service for accessing earned wages early. To read the full briefing, go to https://bit.ly/44Nhh5I.

Why does Meridian insist on paying all employees a living wage? This recent article in the Globe & Mail’s Report on Business Magazine does a great job of summarizing how the people-first mission that gave rise to credit unions also drives Meridian’s living wage policy. Simply put, we believe that everyone deserves to benefit from the strong economy that we’ve developed, including access to capital and across-the-board fair wages. Read the full article here. https://ow.ly/N1Xa50QGqgW?

Yesterday, Governor McMaster of South Carolina signed a law regulating earned wage access services. South Carolina is now the fifth state to enact such a law. Read this morning’s client alert for more information about this important development. #bank #banking #earnedwageaccess #ewa #employers #finance #financialservices #fintech #goodwinlaw #ondemandpay #payday #payroll #southcarolina #workers

A step forward, but not far enough! Concerned citizens of New York state, use this link https://p2a.co/Gh4lfZh to let NYS government officials know what is needed in the Enacted Budget: - A 3.2% Cost-of-Living Adjustment (COLA) with language which does not overly restrict how funds must be allocated - A Direct Support Wage Enhancement (DSWE) based on (S4127-A/A5268-A) These are required to ensure the agencies of The Arc New York which do so much for those in the state with intellectual #disabilities and #autism, have the funding and flexibility needed to continue to provide these vital services. Make your voice heard, speaking out for those so need our help.

Both the NYS Senate and Assembly included an additional 1.7% increase to the Cost-of-Living Adjustment (COLA) in their respective one-house budgets. Along with the governor’s proposed 1.5% COLA, this 3.2% increase signifies that the Senate and Assembly have listened to us about the need for investment in supports and services for people I/DD. Unfortunately, the language in both one-house bills stating how the COLA could be allocated was too narrow in scope and does not take into consideration that the continuum of supports and services involves more that direct-care staff. Limiting the COLA ignores the other critical facets of our system, including transportation, technology, facilities maintenance, and even food for the people we support, just to name a few. Additionally, while the Senate included the Direct Support Wage Enhancement (DSWE), it was omitted in the Assembly’s one-house bill and the Executive Budget. We need both the COLA and the DSWE if we are going to address the crisis to our support infrastructure. Now we must tell our legislators, the governor, and leaders of the Senate and Assembly to come to the negotiating table and include in the Enacted Budget: - A 3.2% Cost-of-Living Adjustment (COLA) with language which does not overly restrict how funds must be allocated - A Direct Support Wage Enhancement (DSWE) based on (S4127-A/A5268-A) Click here: https://p2a.co/Gh4lfZh You can directly send your Senators, Assemblymembers, Governor Hochul, Assembly Speaker Heastie, and Senate Majority Leader Andrea Stewart-Cousins a message with this online form!

Getting paid once or twice a month doesn’t work for millions of Americans trying to make ends meet between paychecks. Workers want direct access to their already-earned wages to budget better, manage unexpected expenses, and take care of emergencies, all without having to take out an expensive loan or go into debt. We applaud Congressmen Bryan Steil and French Hill for introducing landmark federal legislation today regulating #EarnedWageAccess and providing clarity for the millions of American workers and businesses that rely on it. https://lnkd.in/euMaw-wF