California Agency Issues Proposed Earned Wage Access Regulations
The California Department of Financial Protection and Innovation (DFPI) issued proposed regulations that would govern earned wage access (EWA) [DFPI, PRO 01-21, Proposed Regulations, Registration Requirements Under the CCFPL]. The proposed regulations define income-based advances and would require providers to register with, and submit annual reports to, the DFPI. The proposed regulations aim to cover various EWA models.
Comments Due May 17
Employers, vendors, and other interested parties can submit comments on the proposed EWA regulations via email to [email protected] with a copy submitted to [email protected]. Comments should be identified as PRO 01-21 in the subject line. Comments may also be submitted by mail to the DFPI, Attn: Araceli Dyson, 2101 Arena Blvd., Sacramento, CA 95834. The PayrollOrg Government Relations Division plans to submit comments to the DFPI.Interested in more state and local payroll coverage? PayrollOrg's PayState Update eNewsletter is perfect for you.
Lia Coniglio, Esq., is Managing Editor of PayState Update and Senior Manager of State Payroll Information Resources for PayrollOrg.