‍Initiative Premieres New Interactive Map Featuring Nearly 150,000 Public Comments on CFPB’s Proposed Earned Wage Access Rule

Working Americans Overwhelmingly Support Safe, Affordable Access to Their Pay

Washington, D.C. (November 14, 2024) – Today, the American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, launched a new initiative, “Workers for Wage Access,” to provide a platform for working Americans who rely on earned wage access (EWA) as a safe and critical financial option to help working families manage their finances on their own terms. The initiative will empower EWA users to share their stories and make their voices heard by representatives at every level of government.

As part of its launch, the initiative has developed an interactive map highlighting the nearly 150,000 letters that working Americans submitted in response to the Consumer Financial Protection Bureau’s (CFPB)’s July 2024proposed rule on EWA, which raised concerns over how it would limit seamless, affordable, on-demand access to EWA products. Given this unprecedented surge of comments across all regions of the country, Workers for Wage Access will elevate these stories, underscoring the essential role that affordable, on-demand access to wages plays in helping Americans improve their financial well-being. The map visually displays comments submitted by Congressional District, and is available on AFC’s website to allow advocates and policymakers to see the impact of EWA firsthand.

Workers for Wage Access will build broad awareness and support for EWA across the country. Through this effort, AFC is committed to ensuring that the voices of everyday Americans are at the forefront of the conversation surrounding financial access and security. 

“Regulatory rulemaking too often ignores the voices of those most impacted by their proposals: working Americans. Workers for Wage Access will elevate and amplify the voices of the nearly 150,000 everyday Americans who strenuously oppose misguided efforts to limit their financial options,” said American Fintech Council CEO Phil Goldfeder. “These everyday Americans have powerful stories to share how consumer-friendly innovations like earned wage access help them make ends meet and achieve their goals; regulators must listen. This initiative will help policymakers and the public better understand the true impact of these rules on everyday Americans.”

“Earned Wage Access was a game-changer for me.” said Connecticut resident and EWA user Tenisha James, who lost access to EWA after Connecticut implemented rules limiting the product. “I was able to cover my unexpected services without resorting to costly options that hurt my credit. I shared my story with the CFPB and have gotten more involved in the effort to restore EWA in my state because for so many of us, these services provide financial stability when we need it most.”

Looking ahead, AFC will continue their collaboration with bipartisan members of Congress and welcomes the opportunity to work constructively with the incoming CFPB leadership under the Trump administration to find solutions that uphold both consumer protections and access to essential financial tools. AFC remains committed to ensuring that the CFPB recognizes and respects the voices of then early 150,000 Americans who have engaged in this process.

About the American Fintech Council

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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