House Financial Services Committee Advances Federal Earned Wage Access Bill: A Major Step Toward National Regulation

The House Financial Services Committee has approved legislation that would establish the first comprehensive federal regulatory framework for earned wage access (EWA) providers, marking a significant development for the rapidly growing industry. The bill now moves to the full House for consideration. If enacted, the legislation would provide long-sought federal clarity for providers of earned wage access products while also addressing the continuing debate over whether these products should be regulated as loans….