The Financial Technology Association, sought in separate comment letters to delay implementation of the proposed CFPB rule, pointing out the complexities of complying with it. The FTA initially in June sought a 30-day extension of the comment period for the rule, and a 60-day extension of its effective date and then suggested in a follow-up letter this month that…
Penny Lee, president and chief executive of the Financial Technology Association, an industry group representing several companies that offer pay later loans, including Klarna and PayPal, said Chase’s new policy was “unfortunate” because it limited consumer choice. Ninety percent of pay later shoppers pay with a debit card, she said, suggesting they use the loans…
Penny Lee, president of the Financial Technology Association, which represents EWA companies, took issue with the proposed rule as well, arguing in a statement that EWA shouldn’t be considered a loan, as it’s “no-cost” and “non-recourse.” She said the CFPB’s action could “hurt millions of workers who rely on Earned Wage Access to tap into their already…
The FTA is pleased to assist members of the media with questions regarding the organization or the fintech industry.
