OR: Testimony in Support of OR HB 481

TO: The Senate Committee on Labor and Business
FROM: Ashley B. Urisman, Director of State Government Affairs, American Fintech Council
DATE: February 4, 2025
SUBJECT: Senate Bill 481

Position: Support.

Testimony:

Thank you Chair Taylor and members of the Senate Committee on Labor and Business for providing me the opportunity to testify in support of Senate Bill 481 (SB 481). My name is Ashley Urisman, I am the Director of State Government Affairs for the American Fintech Council (AFC).

Our mission at AFC is to promote an innovative, transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial technology (Fintech) and encouraging sound public policy. AFC members are at the forefront of fostering competition in consumer finance and pioneering ways to better serve underserved communities. We proudly represent the largest Earned Wage Access (EWA) providers who serve at least 150,000 Oregonians and millions of workers across the United States.

As part of AFC’s effort to ensure EWA providers effectively serve consumers, we established clear standards on what constitutes responsible EWA. Specifically, these standards require a voluntary no-cost option be made available to all users; strong fee disclosures represented in a clear and transparent manner; and the ability for users to cancel the EWA service at any time. The provisions of SB 481 closely reflect the standards we established for responsible EWA providers.

Establishing the regulatory framework enumerated in SB 481will allow EWA services to flourish in Oregon and help workers access the pay they are entitled to instantly by giving EWA providers a clear, functional regulatory path that recognizes the nuances of the service and allows providers to offer their services most effectively. In turn, consumers will be able to engage with these responsible EWA providers in a manner that fits their lifestyle best, whether the services are offered through an employer, stand-alone product, or as part of a subscription.

In closing, I applaud the Oregon legislature for taking up this issue and seeking a pragmatic solution through SB 481. Thank you again for the opportunity to offer my support for this bill and I am happy to answer any questions you may have

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