A Close Look at Earned Wage Access Programs with Special Guest, Jesse Silverman, General Counsel of Steady

Earned wage access (EWA) is one of the hottest consumer financial products in the market today. EWA allows consumers to access wages they’ve earned or get advances on their wages before their regularly scheduled paydays. While EWA providers use varying business models with different fee structures, nearly all design their products as non-recourse advances that are purportedly exempt from federal and state credit regulations. However, the application of federal and state credit laws, as well as state wage laws, are open questions. The product’s growing popularity and the lack of clarity about its applicable regulations has led to scrutiny from federal and state regulators, members of Congress, and consumer advocates.

Jesse Silverman, General Counsel of Steady, a leading fintech company that leverages artificial intelligence to help gig-economy workers maximize their earnings, will join our Ballard panelists to discuss:

• The potential financial and employment-wage laws and regulations that may apply to EWA
• The CFPB’s recent advisory opinion and compliance assistance sandbox (CAS) approval order focusing on EWA
• Whether the CFPB, under new leadership, will view EWA differently and possibly modify or rescind its advisory opinion or CAS approval order
• State developments, including the California Department of Financial Protection and Innovation’s (DFPI) MOUs with several EWA providers and the multi-state investigation into EWA lead by the NY Department of Financial Services