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RegFi Podcast
Earned Wage Access: Charting a Clear Regulatory Path
Feb 26, 2025
Ian P. Moloney, the Head of Policy and Regulatory Affairs at the American Fintech Council, dives into the world of Earned Wage Access (EWA), a service empowering workers to access wages before payday. He discusses the benefits of EWA and the pressing regulatory challenges that accompany its rising popularity. The conversation also highlights the importance of establishing a unified federal regulatory framework, collaborating with organizations to create consistent rules, and the evolving relationship between fintech firms and traditional banks in this innovative landscape.
29:59
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Quick takeaways
- Earned Wage Access (EWA) distinguishes itself from traditional loans by allowing workers to access their earned wages without incurring debt or interest.
- The regulatory landscape for EWA is shifting, with calls for a tailored framework to ensure clear, consistent rules for providers and consumers.
Deep dives
Growth of the American FinTech Council
The American FinTech Council (AFC) has significantly expanded its membership, growing from around 45 to over 100 members in a short period. This growth reflects the increasing impact of financial technology across various sectors, particularly in earned wage access, fintech lending, and embedded finance. AFC plays a crucial role in advocating for these sectors, focusing on regulatory matters to support responsible innovation and defining industry standards. By representing diverse financial technology entities, AFC helps ensure that innovators can operate effectively within both state and federal regulatory environments.
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