The Consumer Financial Protection Bureau (CFPB) aims “to make consumer financial markets work for consumers, responsible providers, and the economy as a whole.” We’ve always felt a strong alignment with the CFPB’s overall goals. After all, we started Even because we believe that people deserve financial services that have their best interest at heart.
On November 30, 2020, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion in which they noted the important role that earned wage access can play in helping people manage expenses that may come up before payday without having to resort to expensive or predatory credit products.
We are glad the CFPB is examining different on-demand pay business models to ensure that consumers are protected from companies that might be tempted to take advantage of people in financial distress. Their interest in on-demand pay is a sign that the earned wage access market is both increasingly relevant and maturing. We are proud of our responsible approach to earned wage access and welcome efforts to ensure that on-demand pay products are set up in a way that ultimately benefits consumers and their long term financial health.
Below are additional resources on Even’s responsible approach to on-demand pay:
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