Earned Income Access Helps Consumers and Should Be Supported

In an op-ed in American Banker, former head of the CFPB fintech office, Dan Quan, argues for the support of earned income access (EIA); leading companies in EIA such as PayActiv and Earnin provide workers timely access to wages that have already been earned and by doing so help many consumers avoid expensive payday loans; he points to the unanimous support in the California Senate for a recent bill providing a regulatory framework for EIA; Quan also said that while there has been some resistance to EIA this can be overcome once its great consumer benefits are understood and embraced. Source.

  • Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.