Legislation reviewed by the bipartisan Shared State Legislation Committee of CSG often serves as a blueprint for other states as they consider the issue in their respective jurisdictions

Nevada Senate Bill 290 (SB 290) sponsored by Senate Majority Leader Nicole Cannizzaro (D- Las Vegas) and signed into law in June by Governor Joe Lombardo created important consumer protection safeguards while allowing employees to access earned wages

AFC recently released its own policy standards for members offering EWA products as part of mission to promote affordable, responsible and transparent financial products

Washington, D.C. (December 11, 2023) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks applauds The Council of State Governments (CSG) for recognizing the importance of creating new Earned Wage Access (EWA) legislation by including recently-passed Nevada legislation in its Shared State Legislation Volume. Issued by CSG, the Shared State Legislation Volume is an annual publication (since 1941) that highlights innovative laws passed at the state level each year.

“We were on the ground in Carson City in support of this EWA legislation and we thank the non-partisan CSG for recognizing the importance of this bill,” said Phil Goldfeder, Chief Executive Officer of AFC. “Responsible EWA companies are currently serving millions of consumers across the country and providing safe, transparent and reliable financial options for families in need. AFC has long advocated for creating regulatory guardrails for responsible EWA providers. Recognizing the Nevada legislation is an important step to developing a sound foundation for this innovative new industry to grow.”

Founded in 1933, CSG is the country’s largest nonpartisan organization serving all three branches of state elected and appointed officials. The mission of CSG is to champion excellence in state government. The national, bipartisan Shared State Legislation Committee is composed of state legislators and bill drafters from around the country who annually review emerging policy issues and new legislation being developed to address them across the country. Approved legislation often serves as a blueprint for other states as they consider the issue in their respective jurisdictions.

On June 13, 2023, Nevada Governor Joe Lombardo signed the bipartisan Earned Wage Access Law after it passed both houses of the state legislature with wide margins. Through this bipartisan legislation, Nevada became the first state to create a regulatory and consumer-protection framework that defines and specifically regulates EWA products.

Since then, Missouri has passed a similar law, and the legislation is being considered in over a dozen other states. These pieces of legislation represent an innovative approach to policymaking that recognizes the nuances of EWA services and does not attempt to improperly fit them within existing lending laws.

AFC has publicly advocated for a clear and consistent regulatory framework for EWA that avoids duplicative or diverging requirements and accurately reflects the nuances of the financial service. As the premier trade association representing the largest EWA providers, AFC has worked to promote and advocate for industry best practices and consumer protections.