Earned wage access takes center stage in payments regulation at multiple levels of government9/14/2023
In the latest episode of the IPA Payments Pod, Brian Tate, the IPA’s CEO, and Chris Stromberg, our director of Government Relations, discuss what is happening in the world of EWA regulation at the state and Federal level and how the IPA is trying to inform the conversation. They also talk about the CFPB’s recent report on mobile payments, and the possibility of a government shutdown.
You can find the IPA’s new earned wage access page here: Home | Earned Wage Access You can see the IPA’s past advocacy on the topic here: Innovative Payments Association | EWA - Innovative Payments Association (ipa.org) This podcast was recorded on September 7, 2023. Things may have changed by the time you hear it. As we mark Labor Day with parades and barbeques, it’s important to remember that the annual celebration “originated during one of American labor history’s most dismal chapters,” according to the History Channel.
In the late 1800s, activists worked to change the conditions under which Americans worked. While we’ve come a long way since the 12-hour days and 7-day weeks that Americans worked to “eke out a basic living,” businesses still control when employees are paid – something Earned Wage Access is working to change. EWA gives workers the opportunity to access wages earned but unpaid. However, critics continue to say that EWA is not a financial tool that can empower workers to make financial decisions that are best for their families. To counter this idea, IPA has launched EarnedWageAccess.info because we know that when workers can access their pay when they need, they can better manage their financial health. Unfortunately, according to a 2023 Financial Health Network (FHN) report, “more than four out of five (84%) Americans were not financially healthy at some point between 2018 and 2022.” This shows that workers need more help, not less, and many EWA providers integrate financial literacy resources to help workers live within their means. Additionally, EWA can help smooth out income flows as demonstrated by FHN, which found that 37% of low-wage workers say they “worry about running out of food before getting money to buy more.” In the latest episode of the IPA Payments Pod, the IPA book club returns with a look at the intersection of business and military strategy. We read the ancient classic “The Art of War,” by Sun Tzu, and to put it in a business context, we also discuss the Oliver Stone film “Wall Street.”
In this episode, Brian Tate, the IPA’s CEO, and Ben Jackson, the IPA’s COO discuss both the book and the movie and what they say about modern business. They discuss whether or not military strategy applies to business and whether the true message of Stone’s film got lost in the story telling. This podcast was recorded on July 24, 2023. Things may have changed by the time you hear it. You can find the podcast here, or wherever you get your podcasts. Make sure to subscribe, leave us a review, and share it with your colleagues. Canada might seem like an easy first step into international expansion for U.S. companies, but they should not fall into the trap of thinking it is the 51st state.
In this episode, Ron Morrow, executive director of Supervision at the Bank of Canada, discusses the regulatory requirements around offering payments services there. We discuss the role of the Bank of Canada, how regulations are written there, and the upcoming regulatory changes under the Retail Payment Activities Act. If you want to learn more about the new Retail Payment Act, make sure to register for our Summer of Learning webinar with the Bank of Canada on August 16 at 3 p.m. eastern. Learn more and register at: Be Ready for Retail Payments Supervision (ipa.org). This podcast was recorded on July 25, 2023. Things may have changed by the time you hear it. You can find the podcast here, or wherever you get your podcasts. Make sure to subscribe, leave us a review, and share with your colleagues. Customer service is a critical department in any business because it can make or break both individual relationships and a company’s reputation.
In the latest episode of the IPA Payments Pod, Meg Porter, Executive Vice President of Enterprise Transformation at Ubiquity, discusses how to build a successful customer service program. She talks about how to train and manage customer service agents, why companies should consider ditching scripts, and why the customer is not always right. The IPA thanks our member sponsor, Netspend, for helping to make this show possible. This podcast was recorded on July 14, 2023. Things may have changed by the time you hear it. You can find the podcast here, or wherever you get your podcasts. Don’t forget to subscribe, leave us a review, and share it with friends and colleagues who might be interested. The last round in the battle between PayPal and the CFPB took place in the DC District Court, and IPA’s Head of Government Relations, Chris Stromberg was there to hear the oral arguments.
In this episode, he discusses the arguments with IPA’s CEO, Brian Tate, and they consider what the possible outcomes could mean for the industry. The suit was first filed in late 2019 and since then has been decided, appealed, and sent bank to Judge Richard Leon’s court. The outcome of the case could reshape the Bureau’s powers and the way the industry is regulated. The IPA thanks our member sponsor, Netspend, for helping to make this show possible. This podcast was recorded on July 13, 2023. Things may have changed by the time you hear it. You can find it here or wherever you get your podcasts. Make sure to subscribe, leave us a review, and share it with others. Artificial Intelligence has begun reshaping all parts of the business world, and payments is no exception.
To help its members prepare for the changes that are coming, the Innovative Payments Association has asked payments expert Sarah Grotta to write a white paper that gives an overview on AI and what it means for payments companies. In this episode, we discuss the highlights of the paper and where and how AI in payments might evolve in the near future. We also cover how payments companies can begin to use AI in their own businesses. The IPA thanks our member sponsor, Netspend, for helping to make this show possible. This podcast was recorded on June 27, 2023. Things may have changed by the time you hear it. You can find the podcast here, or wherever you get your podcasts. Please make sure to subscribe, leave us a review, and share with your colleagues who may be interested. Members can find the white paper here. In his book Tools and Weapons, Microsoft President Brad Smith, writes about how the growth of technology is changing everyone’s lives for better and worse.
In the latest episode of the IPA podcast, we are joined by Sandi Piatz, the head of market for APS, an IPA member, to discuss the book. She recommended it to us for its exploration of the issues facing the payments industry and society as a whole. She is joined by IPA’s CEO Brian Tate, and our director of government relations, Chris Stromberg. We discuss the need for collaboration to manage to promise and peril of new technology and how this applies to the payments industry. We also talk about fire horses. The views expressed in this podcast represent the personal positions of the speakers and are not the official views of any company or the Association. If you have a recommendation for a book we should read, let us know. If we choose your selection, we’ll have you on the show to discuss it. The IPA thanks our member sponsor, Netspend, for helping to make this show possible. This podcast was recorded on June 14, 2023. Things may have changed by the time you hear it. You can find the podcast here or wherever you get your podcasts. Make sure to subscribe, leave us a review, and share it with your colleagues. Fifth Third Bank’s recent acquisition of fintech Rise Money builds on a long history of financial services innovation.
In the latest episode of the IPA Payments Pod, Tom Bianco, the general manager of embedded payments at Fifth Third, discusses the Rise acquisition and how it is part of a tradition developing new products and services. We discuss how the bank approaches questions like whether to build, buy, or partner for new products, and how it decides what areas to examine next. The IPA thanks our member sponsor, Netspend, for helping to make this show possible. This podcast was recorded on June 1, 2023. Things may have changed by the time you hear it. You can find the podcast here, or wherever you get your podcasts. Make sure to subscribe, leave us a review, and share the podcast with your colleagues. Like most of us, regulators and legislators have plans for their summers. Unlike most of us, though, their plans aren’t for their leisure time.
In the latest episode of the IPA Payments Pod, Brian Tate, the IPA’s CEO, and Chris Stromberg, IPA’s director of government relations, discuss what is happening at the state and federal levels of regulation. They cover a pending bill to ban plastic gift cards in California, a recent issue spotlight on payment apps from the CFPB, and upcoming hearings in the House and Senate with regulators. The IPA thanks our member sponsor, Netspend, for helping to make this show possible. This podcast was recorded on June 9, 2023. Things may have changed by the time you hear it. You can find the podcast here or wherever you get your podcasts. Make sure to subscribe, leave us a review and share it with your friends in the industry. |
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