The Earned Wage Access (EWA) industry provides unprecedented value to millions of users every day. From smoothing liquidity gaps to providing crucial funds to address unexpected financial hurdles, EWA is a lifeline to households and workers across the country. EarnIn is proud to work with policymakers at the federal and state levels on the right policies to protect our services and by extension, workers’ financial peace of mind. As lawmakers in Washington continue to consider the right path forward, states are taking the lead on providing the necessary legislative clarity. Recently, Missouri and Nevada became the first two states to pass EWA specific legislation. Missouri, which is home to over six million people, has become the second state in the nation to create a regulatory system for EWA providers operating in the state. Missouri Governor Mike Parson signed SB 103 into law, which comes on the heels of a similar legislative framework signed into law in Nevada, both aiming to support consumer protection and providing critical guidance to EWA providers operating in the state. This welcomed guidance further differentiates EWA providers from predatory payday lenders.
“Earned Wage Access (EWA) products are critical for expanding financial access and security. Thanks to the leadership of Missouri Representative Bishop Davidson, Senator Sandy Crawford, supportive members across the legislature, and Gov. Parson,” said Ram Palaniappan, EarnIn CEO. “Missouri joins Nevada as leaders in providing workers, individuals, and families tangible progress on financial inclusion. This represents a significant win for the great state of Missouri and a milestone for the EWA industry.”
Millions of households are empowered by EWA every day. With EWA, families can take control of their finances through smoothing out the gaps in pay cycles, using their own earnings when they need them, lessening the likelihood of dependence on debt-based alternatives.
EarnIn is a financial technology company, not a bank. Bank products are issued by Evolve Bank & Trust, Member FDIC. The EarnIn Card is issued pursuant to a license from Visa USA Inc.