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Wage and Hour Department of Financial Protection and Innovation (DFPI)

Troutman Pepper Locke

Registration Information Released for California DFPI’s Earned Wage Access Regulations

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Last month, we discussed the California Department of Financial Protection and Innovation’s (DFPI) newly approved regulations for direct-to-consumer earned wage access (EWA) products. These regulations, approved by the Office...more

Morrison & Foerster LLP

What's Changed in California's Diversity Reporting Law

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On June 29, 2024, California Governor Gavin Newsom signed into law S.B. 164 (the “Diversity Reporting Law”), amending the previous version of the law that was adopted in 2023, S.B. 54. Please visit the following link for our...more

Troutman Pepper Locke

California DFPI’s Earned Wage Access Regulations Approved by OAL

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On October 11, the Office of Administrative Law (OAL) approved the California Department of Financial Protection and Innovation’s (DFPI) proposed regulations on direct-to-consumer (i.e., non-employer offered) earned wage...more

Troutman Pepper Locke

California DFPI Announces Third Modifications to Proposed Rulemaking on Earned Wage Access Products

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The California Department of Financial Protection and Innovation (DFPI) has once again modified its proposed rulemaking on earned wage access (EWA) products. As discussed here, this spring the Office of Administrative Law...more

Troutman Pepper Locke

California DFPI’s Proposed EWA Legislation Rejected by Office of Administrative Law

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As discussed here, in March 2023, the California Department of Financial Protection and Innovation (DFPI) proposed new regulations under the California Financing Law that would interpret the definition of “loan” to include...more

Ballard Spahr LLP

CFPB comments on California proposal to supervise providers of earned wage access products

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The Consumer Financial Protection Bureau has sent a letter to the California Department of Financial Protection and Innovation (DFPI) commenting on the DFPI’s proposal that would require providers of “income-based advances”...more

Troutman Pepper Locke

CFPB Issues Letter Supporting California DFPI’s Proposed Classification of EWAs as Loans and Promises Guidance as to Federal...

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In March 2023, the California Department of Financial Protection and Innovation (DFPI) proposed new regulations under the California Financing Law that would update the definition of loan to include what it dubs as...more

Troutman Pepper Locke

California DFPI Signs First Memoranda of Understanding with Earned Wage Access Companies

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The California Consumer Financial Protection Law (CCFPL) went into effect on January 1. The CCFPL requires the Department of Financial Protection & Innovation (DFPI), formerly the Department of Business Oversight, to...more

Goodwin

California’s Mini-CFPB Enters into Memorandums of Understanding with Earned Wage Access Fintech Companies

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In January 2021, the new California Department of Financial Protection and Innovation (DFPI) entered into memorandums of understanding (MOUs) with five earned wage access fintech companies so that these companies can continue...more

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