The Earned Wage Access Consumer Protection Act was approved in the House Financial Services Committee on a bipartisan vote of 29-22 following a markup hearing. HR 9330 lets workers to access money they have already earned before a typical pay period. Under the legislation, while it is not forbidden to charge a fee for service providers must offer a free way to access the amount earned.
Phil Goldfeder, CEO of the American Fintech Council (AFC), thanked Representative Bryan Steil for his leadership on the legislation.
“Responsible EWA enables workers to access wages they have already earned between paychecks, helping them manage cash flow, avoid unnecessary fees, and reduce reliance on higher-cost alternatives. This legislation recognizes the unique nature of EWA and establishes a national, consumer-focused framework with clear disclosures, credit invisibility and no-cost access options.”
Goldfeder noted that more Americans are relying on EWA and creating a clear federal standard will protect consumers while supporting responsible innovation.
“AFC looks forward to working with lawmakers on both sides of the aisle to pass this critical legislation into law and strengthen financial outcomes for families nationwide.”
Penny Lee, President and CEO of the Financial Technology Association said the EWA legislation protects consumers and provides regulatory clarity.
“We applaud the Committee for passing this bill today and Rep. Bryan Steil for championing this important and timely legislation.”
Lee noted that EWA products have no mandatory fees, no credit checks, no interest, no recourse, and no impact on credit scores.
Federal legislation will preserve access to service for millions of Americans.
