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ARTICLE · 11 JANUARY 2021

CFPB Issues CAS Approval For PayActiv's Earned Wage Access Products

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PayActiv requested CFPB approval that its EWA products are not credit, subject to the TILA.

United StatesFinance and Banking
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The CFPB issued a "compliance assistance sandbox" ("CAS") approval to PayActiv, Inc. ("PayActiv"). The relief provides the company with a time limited safe harbor from potential liability under the Truth in Lending Act ("TILA") in connection with the company's "earned wage access products" ("EWA").

PayActiv is a Public Benefit Corporation and Certified B-Corp, that provides "financial wellness services" including "on-demand access to already earned but unpaid wages, as well as savings and budgeting, bill payment and financial health measurement tools." PayActiv's earned wage access products are a part of its "financial technology service that allows users to receive on demand a portion of their wages for hours they have already worked but not yet been paid for by their employer."

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