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Most Second Stimulus Payments Reach Household Bank Accounts

January 6 2021

“The U.S. Treasury Department has sent out more than $112 billion in stimulus payments electronically, meaning that about two-thirds of the second round of payments approved by Congress is already in households’ bank accounts, according to data released Tuesday. The payments—$600 per adult and $600 per child—were estimated to cost about $164 billion in all. […]
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CFPB Clarifies Some Early Wage Access Products Aren’t Loans

December 2 2020

“Early wage access programs that allow people to receive their earnings before payday are not loans or credit products if there are no attached fees, the CFPB said. The Consumer Financial Protection Bureau’s advisory opinion Monday enables some early wage access programs—used by companies to allow employees to get cash advances before a pay period […]

On The Wires

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Treasury Is Delivering Millions of Economic Impact Payments by Prepaid Debit Card | U.S. Department of the Treasury

January 8 2021

“This week, Treasury and the IRS started to send approximately 8 million Economic Impact Payments (EIPs) by prepaid debit card. The distribution of EIP Cards follows the millions of payments already made by direct deposit and the ongoing mailing of paper checks and are part of Treasury’s and is IRS’s plan to deliver Economic Impact […]
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PayActiv Becomes First And Only CFPB-Approved Earned Wage Access Provider

January 5 2021

“The Consumer Financial Protection Bureau today issued a groundbreaking approval order (Approval) confirming that Payactiv’s Earned Wage Access (EWA) Program is not credit and therefore is exempt from the federal Truth in Lending Act (TILA) and Regulation Z rules governing creditors.   Specifically, the Approval notes that a Payactiv EWA user does not create a debt […]
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Deel Becomes a Market Leading International Payroll Company

December 16 2020

“Fueled by the current environment, companies are realizing the benefits of remote work. This significant shift can not only improve employees’ quality of life, but also help companies access a larger pool of talent, while curbing operational costs. As an international payroll and compliance company, Deel is well prepared to support this trend and is […]
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Deals

Truework Secures Funding From American Express Ventures

December 16 2020

“Truework , the consent-based identity platform that gives consumers control over their personal and professional information, today announced new funding from American Express Ventures , the strategic investment group of American Express. Amex Ventures joins Activant Capital, Sequoia Capital, Khosla Ventures and other participants in Truework’s Series B funding, announced in May 2020.”
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Deals

Say Hello to Finch — The Universal API for Payroll and HR

December 8 2020

“Payroll and HR systems are one of the last business systems without modern API infrastructure, yet they are critical to the operations of every business. These systems serve as the source of truth for employee records, organizational structure, and crucial fund flows. Many industries depend on accurate employee and organization data — from accounting to […]
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