California’s Mini-CFPB Enters into Memorandums of Understanding with Earned Wage Access Fintech Companies
By EsqSocial Corporation 10/02/21
In January 2021, the new California Department of Financial Protection and Innovation (DFPI) entered into memorandums of understanding (MOUs) with five earned wage access fintech companies so that these companies can continue to operate in California while providing consumers with protection against abusive practices. The DFPI, often referred to as California’s “mini-CFPB,” described these MOUs as “the first agreements of their kind” between earned wage access fintech companies and a state...
By: Goodwin