CFPB Paycheck Advance Plan Furthers Tech Industry Furor With Biden Regulators
Also, Citadel Securities' new CAT lawsuit; House Financial Services tackles AI; Banking industry seizes on GAO criticism of Fed's cost-benefit analysis
The CFPB today proposed to apply loan-disclosure requirements to “earned wage access” products, immediately drawing condemnation and legal threats from the fintech industry. It’s the latest in a string of Biden-era regulatory policies directed at nascent companies that, cumulatively, are eroding support for Democrats in the tech sector, long a stronghol…