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ARTICLE · 20 JANUARY 2025

California DFPI Finalizes New Earned Wage Access Regulations

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In October 2024, the California DFPI finalized regulations for providers of income-based advances (Earned Wage Access or EWA) [DEFINED ABOVE], clarifying registration requirements under the California Consumer Financial Protection Law (CCFPL).

United StatesFinance and Banking
Shane Foster
Shane Foster
Lisa M. Lanham
Lisa M. Lanham
Hilary R. Sledge-Sarnor
Hilary R. Sledge-Sarnor
Rinaldo Martinez
Rinaldo Martinez

Go-To Guide:

  • The California Department of Financial Protection and Innovation (DFPI)'s finalized regulations for earned wage access (EWA) providers that include new registration and compliance requirements.
  • Starting Feb. 15, 2025, EWA providers must register with the DFPI, provide operational and financial information, and adhere to state lending laws.
  • Registered entities must submit annual reports detailing activities, fees, and complaints.
  • The DFPI plans to conduct examinations to monitor compliance with state consumer financial protection laws.

In October 2024, the California DFPI finalized regulations for providers of income-based advances (Earned Wage Access or EWA) [DEFINED ABOVE], clarifying registration requirements under the California Consumer Financial Protection Law (CCFPL). These changes impose new compliance obligations for businesses offering EWA products to California consumers.

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