In an op-ed in American Banker, former head of the CFPB fintech office, Dan Quan, argues for the support of earned income access (EIA); leading companies in EIA such as PayActiv and Earnin provide workers timely access to wages that have already been earned and by doing so help many consumers avoid expensive payday loans; he points to the unanimous support in the California Senate for a recent bill providing a regulatory framework for EIA; Quan also said that while there has been some resistance to EIA this can be overcome once its great consumer benefits are understood and embraced. Source.
