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California to Regulate Early Wage Access Firms Under Landmark Agreements

“Five companies in the early wage access industry have reached landmark agreements with California regulators that will govern their operations in the nation’s largest state. The voluntary pacts give the firms, which to date have been largely unregulated, greater certainty about their ability to offer products to the state’s nearly 40 million residents. In exchange, […]
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Employers Look To Fintech Partners To Pilot Alternative Pay Cards And Faster Employee Payouts

“Employers are ramping their entry into financial services to give employees on-demand payouts, earned wage access (EWA), and other incoming smoothing benefits. Spurred by tech-favorable regulations and employee demand for faster payouts, fintech companies are now taking aim at digitizing cash-heavy industries, reducing physical checks, and piloting cheaper pay card products.”
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Most Second Stimulus Payments Reach Household Bank Accounts

“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. […]

On The Wires

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Clair Launches Mastercard Debit Card to Provide Free Wage Advances to Hourly Workers

“Clair , a social impact embedded fintech startup transforming how hourly employees get paid, today announced a partnership with Mastercard to provide financial wellness for America’s 82 million non-exempt workers , building on the two companies’ shared mission to foster a more inclusive digital economy. Starting immediately, users who sign up for Clair will receive […]
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Introducing Plaid Deposit Switch: Automating Account Funding | Plaid

“More financial platforms exist than ever before to help consumers take control of their financial health. However, it can still be difficult for consumers to direct where their payroll funds go when choosing services that best fit their financial needs. Changing where direct deposits go is usually a manual and time-consuming process for both financial […]
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2021 Ushers In One Of The Biggest Innovations For The Payroll Industry: DailyPay’s Off-Cycle Payroll Solution

“Over the last six years, DailyPay has revolutionized the way Americans are paid. Now, DailyPay is leveraging its on-demand pay technology to give payroll professionals a game-changing product that is revolutionizing the payroll industry, CYCLE , which will save employers and employees millions of dollars each year. After a year of piloting this product with […]
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Treasury Is Delivering Millions of Economic Impact Payments by Prepaid Debit Card | U.S. Department of the Treasury

“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

“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 […]