The California Department of Financial Protection and Innovation (DFPI) issued proposed regulations to govern earned wage access. These proposed regulations define income-based advances, requiring providers to register with the DFPI and submit annual reports.
The proposed regulations also aim to cover various EWA models. Additional updates will be provided when the state publishes additional information on the proposal.
This article is informational and does not constitute legal or financial advice. Consult with an employment lawyer or accountant for additional clarification on how these changes impact your company.
