American Fintech Council CEO Phil Goldfeder says millions of Americans are taking advantage of Earned Wage Access (EWA), a product that allows workers to safely receive wages already earned but which have not yet been received in their bi-weekly or monthly paycheck. However, he says that at the turn of the year, new guidance from the Connecticut Department of Banking wrongfully reclassified EWA as a small loan, making it difficult for responsible companies to continue operating.
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Montana Attorney General Austin Knudsen issued an opinion on whether certain Earned Wage Access products are consumer loans or deferred deposit loans requiring licensure under Montana law..