Get a Demo

Statement from Jared DeMatteis, Chief Legal & Strategy Officer, DailyPay Commending CFPB Action on Earned Wage Access

A hand holding a megaphone appears next to text reading "Company Announcement" with a document and the dailypay logo in the background.

“We commend the Consumer Financial Protection Bureau (CFPB) for firmly validating that employer-partnered On-Demand Pay (also known as Earned Wage Access) products are not credit in its new advisory opinion, Truth in Lending (Regulation Z); Non-application to Earned Wage Access Products.  

The CFPB recognizes that access to one's own money is necessary – empowering millions of workers to live a better life. DailyPay partners with America’s leading employers to offer On-Demand Pay as a benefit, which lets workers access their earned pay for no-fee, or for a low, optional fee.

Today’s action by the CFPB will significantly lessen compliance challenges for companies, protect workers’ access to earned pay, and support innovation. DailyPay will continue to work with policymakers to advance On-Demand Pay laws and regulations that protect consumers.”

Related Articles

A row of five light bulbs with one illuminated, symbolizing a standout idea, alongside the text "Thought Leadership" and the dailypay logo.
Thought Leadership
Are You Communicating Effectively With Your Hourly Workers?
When organizations have a predominantly hourly workforce, it can be challenging to communicate effectively...
A row of five light bulbs with one illuminated, symbolizing a standout idea, alongside the text "Thought Leadership" and the dailypay logo.
Thought Leadership
How Small Businesses Can Offer High-Impact Benefits at No Extra Cost
99.9% of businesses in the U.S. are small businesses. Despite increasing inflation and a troubling worker...
A row of five light bulbs with one illuminated, symbolizing a standout idea, alongside the text "Thought Leadership" and the dailypay logo.
Thought Leadership
Life Has Become On-Demand, So Access to Your Paycheck Must Be On-Demand Too
Twenty years ago, most households had a predictable rhythm to paying bills. A mortgage, a utility bill,...

See Why Top Companies Choose DailyPay

Let's Talk

Empowering for Employees

Greater financial control with access up to 100% of their DailyPay balance to meet the challenges of unexpected financial disruptions.

Improved planning with visibility to spending and earned pay in one easy-to-use app.

No need for a pre-existing checking or savings account.

Simple and Secure for Employers

Minimal change to payroll processes — DailyPay handles it all.

Seamless integration with HCM, payroll, banking and benefit applications.

Enterprise-grade platform that keeps data private and the service running so it's always there when your employees need it.

DailyPay is Trusted by Leading Companies

Kroger
Adecco
Six Flags
Dollar Tree
HCA Healthcare
Lidl