Workers for Wage Access

The Issue

Earned Wage Access (EWA) has has become a popular financial tool, helping millions of workers access a portion of their earned wages before payday and maintain greater control over how they manage their finances. However, a proposed interpretive rule by the Consumer Financial Protection Bureau (CFPB) threatens to limit that choice—potentially making it more difficult and costly for consumers to use EWA.

By classifying EWA as a loan, the proposal could impose unnecessary restrictions such as mandatory fees, interest charges, and credit reporting requirements. Workers shouldn’t be penalized for accessing wages they’ve already earned. We can't afford to return to a time when consumers had fewer, more expensive financial options.

Responsible Earned Wage Access is about meeting consumer needs

Eight in ten U.S. voters support EWA, and 30% report accessing their wages early to meet urgent financial needs like rent, groceries, and medical bills.* Workers, and specifically those who are members of a union, overwhelmingly value EWA safeguards like no interest, low or no fees, no recourse to credit reporting, and no risk-based pricing.

By the numbers: Workers value and support EWA*

*Based on a nationwide survey conducted by Mercury Analytics between August 9 and August 15, 2024, with a representative sample of 1,500 registered U.S. voters.

30% of voters and over 50% of union members of color report accessing their wages early to address urgent financial needs like rent, groceries, and medical bills.

Nearly 70% of users accessed EWA to cover immediate budget shortfalls.

Respondents overwhelmingly valued EWA safeguards like no interest, no fees, no recourse to credit reporting, and no risk-based pricing. Over 89% found these features important.

87% of respondents agreed that losing EWA would force workers to turn to harmful alternatives, such as high-interest credit cards or payday loans.

84% of union members of color strongly endorsed EWA after learning about it.

U.S. workers agree: We need EWA

"For me, the experience was positive. The platform was simple to use. It was very straightforward and transparent."

–

EWA User

"If EWA didn’t exist, I’d have to lean on credit cards, and the interest rates are high. That’s not something I’m crazy about."

–

EWA User

"[EWA] takes the embarrassment out of things. You don’t have to ask a friend, a coworker, or a family member."

–

EWA User

Regulators must listen to consumer stories

Comments Submitted

> 743

445

< 147

Americans submitted nearly 150,000 comments opposing this proposed interpretive rule, sharing their stories using EWA and the potentially devastating effects the rules would have on their financial choice. Opposition to EWA is out of touch with the realities and nuances of this new innovative tool and the overwhelming support it has among workers.

Click on any state to see the public comments submitted on the EWA issue. Click here to read through the nearly 150,000 comments from American workers.

Comments Submitted

> 743

445

< 147

Join the fight to preserve financial choice with Earned Wage Access!

Thank you! Your submission has been received!

Oops! Something went wrong while submitting the form.

FAQ

How does Earned Wage Access Work?
Earned Wage Access (EWA) allows working Americans the ability to access a portion of their paycheck before payday, providing immediate financial flexibility without the need for high-interest loans or credit cards. Through a mobile app, workers can request a portion of their funds they've already earned, and the amount is typically transferred to their bank account within minutes.

Is EWA considered a loan?
‍No, EWA is not considered a loan. Unlike traditional loans, EWA does not charge mandatory fees, interest, or require a credit card check. More importantly, there is no risk of debt collection, late fees, or negative impacts on you credit score. Workers are simply accessing money they've already earned. Regulating EWA as a loan could limit its availability, making it harder for employees to access their wages when they need them most.

How does EWA help workers?
It is estimated that $1 trillion dollars is held up in payroll systems every two weeks, leaving many employees struggling to cover daily expenses. EWA bridges this gap, giving workers access to their earned income when they need it, helping them avoid costly alternatives like payday loans, overdraft fees, and high-interest credit cards.

How does the CFPB's proposed rule impact EWA?
The Consumer Financial Protection Bureau (CFPB) is considering new regulations that would regulate EWA as if it were a loan. This change would subject EWA to outdated rules that apply outdated regulatory frameworks to a new financial product– which does not work. Connecticut recently implemented similar restrictions, which led to devastating consequences from many residents who had previously relied on the service.

What are the alternatives to EWA if it becomes less accessible?
Without EWA, many workers may have to turn to high-interest payday loans, credit cards, or are left to overdraft and pay late fees, which comes with higher costs and greater risks. These alternatives can trap individuals in a cycle of debt– a reality that EWA can potentially help prevent by offering a more flexible and low-cost way to access earned wages.