Millions of Americans were living paycheck to paycheck before the pandemic. Now, workers are working fewer hours, and 21% report a decline in earnings. Hardest hit during the pandemic are those consumers who don’t have access to cash and financial services. Hourly workers want and need more flexible tools to help them better manage their money. Earned wage access products provide funds to workers once they clock-out. This not only ensures workers can meet their financial needs but improves employee retention rates and brings inclusion in the financial system.

But, payday loans have been subject to past abuses and the line between those products and new earned wage access products isn’t always clear. The CFPB recently issued earned wage access guidelines and state regulators have investigated companies providing these services. There are a number of challenges to offering earned wage access and providing payment processing and other services to companies offering earned wage access. Join partner Matt Luzadder as he moderates a discussion of the growth of earned wage access products, legal and regulatory considerations, and practical pointers on opportunities in this emerging area.