[ad_1]
It has been a lean legislative session in Congress for fintech. However this week some progress was made on earned wage entry.
However on Wednesday we discovered that the Earned Wage Entry Shopper Safety Act superior within the Home Monetary Companies Committee. This invoice goals to offer a federal regulatory framework for corporations providing this product.
The states have taken the lead in terms of earned wage entry regulation with Nevada, Missouri and Wisconsin all adopting new laws. However there was little motion on the federal degree till now.
The brand new invoice is robust on shopper protections, setting strict boundaries for each the employer and direct-to-consumer fashions. It nonetheless has a protracted solution to go to turn into legislation, however it’s a constructive first step.
I’m an enormous fan of this product, as I feel it’s the one fintech innovation with essentially the most potential to remodel monetary well being on an enormous scale.
And it simply is sensible. We stay in an on-demand world, we shouldn’t have to attend two weeks to obtain wages we have now already earned.
Featured
> Congress Advances Earned Wage Entry Invoice as Reputation Grows
When is a mortgage not a mortgage? That’s, in a single sense, the query on the coronary heart of proposed new federal laws round earned wage entry (EWA) that’s approaching the heels of a number of states debating their very own laws within the absence of considerable federal guidelines round EWA merchandise.
From Fintech Nexus
> Incognia’s location-based options provide fraud antidote
By Tony Zerucha
As synthetic intelligence (AI) supplies new instruments to criminals, Incognia’s instruments are 17 instances more practical than facial recognition.
> Take our survey on the way forward for lending
By Peter Renton
Lending goes via a brand new wave of innovation and we need to hear what’s most fascinating and vital to you.
Podcast
Liza Landsman, CEO of Stash on creating monetary alternative
The CEO of Stash discusses how on a regular basis Individuals can create a greater monetary life via distinctive instruments that make investing…
Webinar
The right way to Maximize Conversions, Reduce Fraud at Account Opening
Might 2, 2pm EDT
Each banks and fintech need onboarding new clients to be safe, easy and quick. However there’s a delicate steadiness. Make…
Additionally Making Information
- UK: Wagestream raises £17.5m
Monetary wellbeing app Wagestream has raised £17.5 million in a funding spherical joined by a British Enterprise Financial institution subsidiary.
To sponsor our newsletters and attain 180,000 fintech fans together with your message, contact us right here.
[ad_2]
Supply hyperlink
