Earned Wage Access Services Act establishes clear, consumer-centric regulations, ensuring continued access to responsible EWA services

AFC applauds Governor Sanders, Rep. David Ray, and Sen. Ben Gilmore for their leadership in championing consumer protection in Arkansas

Washington, D.C. (March 24, 2025) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies, innovative banks, and the largest number of responsible Earned Wage Access (EWA) providers applauds Governor Sarah Huckabee Sanders and the Arkansas Legislature for the enactment of House Bill 1517 on March 20th. This legislation, which passed both houses with bipartisan support and strong leadership from Rep. David Ray and Sen. Ben Gilmore, establishes a clear and consumer-focused regulatory environment for EWA services throughout the state.

Earlier this month, AFC CEO Phil Goldfeder travelled to Little Rock to testify and answer questions before the House Insurance and Commerce Committee, while Ashley Urisman, Director of State Government Affairs at AFC, did the same before the Arkansas State Senate. In addition, last week, AFC and a coalition of responsible EWA providers submitted a letter to Governor Sanders urging the enactment of HB 1517 and expressing broad industry support for the bill’s balanced and pragmatic approach. The legislation codifies best practices already adopted by leading providers, ensuring Arkansas workers have continued access to safe, consumer-centric financial tools.

"HB 1517 is a smart, modern framework that ensures Arkansas workers can continue using Earned Wage Access services safely and transparently," said Goldfeder. "This law balances innovation and consumer protection, and we commend Governor Sanders and the bill sponsors for their leadership. Arkansas is sending a clear message that thoughtful regulation can empower consumers without cutting off access to the tools they rely on every day."

EWA empowers workers by granting them access to wages they've already earned before their scheduled payday, affording greater financial flexibility and stability. HB1517 establishes critical consumer protections in the state, including a voluntary no-cost option for all users, clear and transparent fee disclosures, and the ability for users to cancel the service at any time without incurring cancellation fees.

“Governor Sanders’ signing of HB 1517 marks a pivotal moment for Arkansas, solidifying a vital regulatory foundation for the responsible expansion of Earned Wage Access,” said Urisman. “This legislation, through clear standards and consumer safeguards, ensures that EWA continues to empower workers and benefit the state's economy.  HB 1517's well-defined regulatory framework promotes innovation while minimizing potential risks, securing EWA as a reliable and accessible resource for Arkansas workers for years to come.”

A standards-based organization, AFC is the premier trade association representing the largest financial technology (Fintech) companies and innovative banks offering embedded finance solutions. AFC’s mission is to promote a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.

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