It is important for payroll professionals to understand the regulatory impacts of paycard utilization within their workforce. Many Earned Wage Access (EWA) providers in today's marketplace convey that any prepaid debit card is the same as a paycard. In 2022, the California Department of Financial Protection and Innovation (DFPI) announced a new opinion on EWA and this session will discuss how that opinion impacts paycards.
During this webinar you will learn:
- Why paycards and EWA are being handled together in the marketplace
- Which vendors are subject to licensing requirements by the California Financing Law or the California Deferred Deposit Transaction Law
- How DFPI reviewed seven criteria in reaching its conclusion, including the funding source for EWA, data integration and the risk of overpayment, and the fee structure
Earn 1.0 Recertification Credit Hours (RCHs) or 0.10 Continuing Education Units (CEUs) when attending this webinar.