News & Analysis as of

Wage and Hour Financial Institutions

Manatt, Phelps & Phillips, LLP

Why The CFPB’s Earned Wage Access Rule Is Subject To Challenge

Earned wage access (“EWA”) programs are financial products that allow workers to receive payment for wages they have already earned before their next scheduled payday. Many of these programs are integrated into their...more

Ballard Spahr LLP

CFPB Proposes Interpretive Rule that EWAs Are Credit; Expedited Funding Fees and Tips May Be Finance Charges under Regulation Z

Ballard Spahr LLP on

On July 18, 2024, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) proposed an interpretive rule that states (1) EWA products fall under the definition of “credit” under the Truth in Lending Act (“TILA”) and...more

Troutman Pepper

CFPB Says Earned Wage Access Products are Subject to the Truth in Lending Act

Troutman Pepper on

Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed interpretive rule opining that earned wage access (EWA) products — whether provided through employer partnerships or marketed directly to...more

Adler Pollock & Sheehan P.C.

2024 Rhode Island Legislative Session Report

The Rhode Island General Assembly adjourned sine die on Friday, bringing the 2024 legislative session to a close. Below is an overview of noteworthy legislation passed during the session....more

Ballard Spahr LLP

South Carolina Enacts Earned Wage Access Legislation Requiring Registration, Exempting the Product from Lending Laws

Ballard Spahr LLP on

On May 21, 2024, South Carolina Governor Henry McMaster signed into law the Earned Wage Access Services Act (the “Act”), which will require earned wage access (“EWA”) providers to register annually with the state’s Department...more

Troutman Pepper

California DFPI’s Proposed EWA Legislation Rejected by Office of Administrative Law

Troutman Pepper on

As discussed here, in March 2023, the California Department of Financial Protection and Innovation (DFPI) proposed new regulations under the California Financing Law that would interpret the definition of “loan” to include...more

Troutman Pepper

Kansas Becomes Fourth State to Enact Earned Wage Access Legislation

Troutman Pepper on

On April 19, Kansas Governor Laura Kelly signed House Bill (HB) 2560 to regulate earned wage access (EWA) products and services. HB 2560 enacts the Earned Wage Access Services Act that requires EWA providers to be licensed by...more

Orrick, Herrington & Sutcliffe LLP

Oregon enacts new consumer finance protections related to wage garnishment

Recently, the Governor of Oregon enacted bill SB 1595 (the “Act”) that amended Oregon’s statutes to provide greater consumer protection rights for Oregonians working to pay back their debts. The Act was mostly comprised of...more

Payactiv

Democrat Governor Tony Evers Signs Third Earned Wage Access Bill

Payactiv on

On March 21, Wisconsin Democrat Governor Tony Evers signed into law the country’s third earned wage access (EWA) bill, which recognizes EWA as a new and innovative financial service by creating a distinct license and...more

Troutman Pepper

Wisconsin Legislature Passes Earned Wage Access Bill

Troutman Pepper on

On February 20, the Wisconsin Senate passed House Bill (HB) 574 to regulate earned wage access (EWA) products and services. HB 574 creates a new chapter to the Wisconsin Statutes that requires EWA providers to be licensed by...more

Littler

Scrapping the UK Banker Bonus Cap — What Next for Financial Services Pay?

Littler on

Financial services firms regulated in the UK by both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have long caused confusion, particularly in international financial services groups, with...more

Ballard Spahr LLP

Missouri joins state efforts to regulate earned wage access providers

Ballard Spahr LLP on

On August 28, 2023 (the “Effective Date”), SB 103, signed into law by Missouri’s governor, will become the nation’s second statutory framework for earned wage access (EWA) providers.  The Missouri law closely resembles...more

Ballard Spahr LLP

FinCEN Issues Notice on Payroll Tax Evasion and Workers’ Compensation Fraud in the Construction Industry

Ballard Spahr LLP on

The Financial Crimes Enforcement Network (“FinCEN”) has issued a notice entitled “FinCEN Calls Attention to Payroll Tax Evasion and Workers’ Compensation Fraud in the Construction Sector” (the “Notice”). According to the...more

CDF Labor Law LLP

Complying with Wage and Hour Obligations in the Face of Crisis

CDF Labor Law LLP on

The recent seizure and shutdown of two prominent regional banks – Silicon Valley Bank and Signature Bank – highlights for employers the issues that an unexpected liquidity crisis may bring. And, it’s not just banking...more

Seyfarth Shaw LLP

Financial Uncertainties, Cyberattacks, Payroll Emergencies, Oh My! What Employers Need to Know in Crisis About Wage & Hour...

Seyfarth Shaw LLP on

Last week, the financial world was upset by the seizure and shut down by regulators of two regional banks — Silicon Valley Bank and Signature Bank. With almost no warning, employers went from a position of high liquidity to...more

K&L Gates LLP

Silicon Valley Bank Collapse: Implications for Employers

K&L Gates LLP on

UPDATE: SVB depositors are expected to be able to access their deposits on 13 March, 2023. We are closely watching developments on this topic. For more information, refer to this Joint Statement by the Department of the...more

Proskauer - California Employment Law

Reminder: Employer Considerations When Contemplating Delaying Payroll

On March 10, 2023, financial markets were rocked by uncertainty over the future of certain significant financial institutions. Among other concerns, bank failures raise the prospect of temporary or long-term cash flow...more

Mintz

The SVB Payroll Predicament

Mintz on

Employers with SVB accounts face a serious predicament with an imminent and urgent need to make payroll. Given the potential liabilities that result from missed wage payments, there are some steps employers can take now to...more

Davis Wright Tremaine LLP

Georgia Becomes Latest to Address Earned Wage Access Providers

On February 26, 2021, Georgia introduced HB 674, which would authorize earned wage access (EWA) providers to operate in the state and avoid loan characterization by meeting certain requirements, including registration....more

BCLP

UK HR Two Minute Monthly: philosophical belief; equal pay; sexual harassment

BCLP on

Our February 2020 update outlines key UK employment law developments from January. It includes cases on ethical veganism as a philosophical belief, equal pay and the difficulties in defending such claims, the impact of the...more

BakerHostetler

Bank Settles $5 Million Parental Leave Discrimination Lawsuit

BakerHostetler on

In a follow-up to our August 2018 blog post regarding a $1.1 million class settlement of the Equal Employment Opportunity Commission’s (EEOC) first parental leave lawsuit against a large cosmetics company, a large financial...more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

Blink, and it’s Jobs Report Friday again.  Where does the time go? Here’s what we’re watching for in the numbers....more

Jones Day

Brexit and German Employment Law—A New Type of Interaction

Jones Day on

The Background: In an effort to benefit from Brexit, Germany is looking at ways to attract financial institutions and reduce their fears of excessive employee termination protections in Germany. The Situation: The German...more

Holland & Knight LLP

Food and Beverage Law Update: June 2018

Holland & Knight LLP on

Wage and Hour - Decision Upholds Class Action Waivers in Arbitration Clauses, Resolves Circuit Split - The U.S. Supreme Court issued a long-awaited decision in Epic Systems Corp. v. Lewis on May 21, 2018, holding that...more

Proskauer - Blockchain and the Law

Multi-Billion Dollar Japanese Tech Conglomerate to Process Salaries in Bitcoin

GMO Internet Inc. (“GMO”) is a Japanese-based tech conglomerate with over 4,700 full-time employees and a market cap of over 200 billion yen. Since May 2017, the organization has taken steps to enter the cryptocurrency space,...more

37 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide