Bill > HR9330

This bill, known as the Earned Wage Access Consumer Protection Act, establishes federal regulations for companies that offer "earned wage access services"—financial products that allow workers to receive portions of their salary or wages before their scheduled paydays. Under the legislation, providers that charge fees for fast access must also offer a no-cost option that transfers the earned wages within one business day without impacting disbursement amounts, frequencies, or service eligibility. The bill mandates comprehensive consumer disclosures before and after transactions regarding limits, fees, and tips, prohibits default tip amounts greater than zero, requires providers to maintain error-dispute processes, and bans unfair practices such as charging late fees, reporting unpaid amounts to consumer reporting agencies, or suing consumers in civil court to collect payments. Furthermore, the legislation prevents states from regulating these compliant services as traditional credit, loans, or debt, clarifies that providers are not considered lenders under federal law, and tasks the Bureau of Consumer Financial Protection—the federal agency responsible for consumer financial protection—with issuing implementing rules within 180 days.