H.R. 9330
Earned Wage Access Consumer Protection Act
Summary:
• Establishes consumer protections for earned wage access (EWA) services, including requiring providers to always offer a no-cost option to receive earned wages and prohibiting providers from using debt collection, lawsuits, or arbitration to compel repayment
• Mandates extensive disclosures to consumers before agreements and before each disbursement, including fee information, tip policies, and the voluntary nature of tips, while setting a $0 default tip amount
• Preempts state laws that would classify compliant EWA services as credit, loans, or debt, while directing the Bureau of Consumer Financial Protection to issue implementing rules within 180 days of enactment
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• Mandates extensive disclosures to consumers before agreements and before each disbursement, including fee information, tip policies, and the voluntary nature of tips, while setting a $0 default tip amount
• Preempts state laws that would classify compliant EWA services as credit, loans, or debt, while directing the Bureau of Consumer Financial Protection to issue implementing rules within 180 days of enactment
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