CFPB
Support the rights of companies to provide innovative payments products. As a result, the IPA steps in to educate the CFPB on key issues and how the industry is ensuring consumers are protected while having the products they need for their financial lives. For example, some of the key issues we work on are:
For additional information on our work with the CFPB, check out our dedicated page.
Earned Wage Access
By offering early access to earned wages, EWA disrupts the cycle of debt and promotes financial well-being for American workers. This shift has the potential to transform the financial landscape, moving toward a more flexible and empowering ecosystem for everyone.
Prepaid Rule
By establishing clear standards for prepaid accounts, the Prepaid Rule enhances transparency and consumer protections in financial services. This rule helps ensure that users of prepaid cards and digital wallets have access to clear information, dispute resolution, and safeguards—paving the way for a fairer, more accountable financial system.
Buy Now Pay Later
Buy now, pay later (BNPL) is a type of short-term financing that allows customers to make purchases and spread the cost out over a series of payments typically due within a few weeks or months. It's like a layaway plan, but you get the item right away instead of waiting until it's paid off.
Fees
Accusations of "junk fees" on prepaid accounts might persist, but they simply don't hold up to the clear and comprehensive fee disclosures mandated by the CFPB's Prepaid Rule. Since its implementation, consumers have enjoyed full transparency into all potential charges, drawing positive feedback from stakeholders like Consumers Union.
Payroll Cards
Payroll cards are prepaid debit cards loaded with employees' wages. Instead of traditional paper checks or direct deposits, companies transfer funds directly onto the cards, offering a faster, more secure, and convenient way to manage payroll.
Reg E
In a world where money moves at the speed of a tap or click, it's crucial to have a set of rules ensuring your electronic transactions are safe, transparent, and fair. Enter Regulation E, a regulation that's got your back when it comes to electronic fund transfers (EFTs).