Consumers Need Strong Protections from Fintech Cash Advances that Create Debt Traps
New policy briefs from CRL and NCLC recommend protections to shield consumers from abusive fintech cash advances WASHINGTON – Today, the Center for Responsible Lending (CRL) and the National Consumer Law Center (on behalf of its low-income clients) released an issue brief, “ State Recommendations for Earned Wage Advances and Other Fintech Cash Advances.” “Fintech cash advances are credit and should be regulated as credit, with guardrails to prevent abuses,” said Andrew Kushner, senior policy counsel at the Center for Responsible Lending. “State legislators and regulators should reject industry