The CFPB issued a groundbreaking Approval Order for the Payactiv Earned Wage Access program.
The CFPB Approval Order describes the Payactiv EWA Program as an “innovative mechanism for allowing consumers to bridge the gap between paychecks;” and also covers both Payactiv’s free and fee-based EWA models.
CFPB, Payactiv Approval p.8 (Dec. 30, 2020)
The Approval Order is specific to Payactiv and the first time the bureau has issued an approval for a financial innovation.
See how this Approval Order affects the Earned Wage Access space and what Payactiv has done to get here.