CFPB says payroll advances are loans; major blow to earned wage industry
Payroll advances would be considered consumer loans under an interpretive rule by the Consumer Financial Protection Bureau that would require disclosures of annual percentage rates and fees under the Truth in Lending Act.
Payroll advances would be considered consumer loans under an interpretive rule by the Consumer Financial Protection Bureau that would require disclosures of annual percentage rates and fees under the Truth in Lending Act.
