Rachael Aspery, Robert Savoie Write New FinTech Federal Regulation Article for The Business Lawyer

Rachael Aspery and Robert Savoie have written a new article titled “FinTech Federal Regulation Simmers While Earned Wage Access Boils Over” for the Spring 2026 issue of The Business Lawyer, a publication of the American Bar Association’s Business Law Section. The article is part of the publication’s 2026 Annual Survey of Consumer Financial Services Law.

The trend of federal enforcement actions against depository institutions appears to have ended, with the federal banking agencies eliminating their heightened focus on such institutions and refraining from new guidance focused on the FinTech industry. The Consumer Financial Protection Bureau (CFPB) rescinded a previous advisory opinion stating that a specific type of earned wage access (EWA) product was not “credit” for purposes of the Truth in Lending Act (TILA) and its implementation of Regulation Z, and subsequently removed all guidance regarding EWA products.

In contrast, state legislatures and enforcement agencies appear primed to continue passing legislation and filing actions affecting the FinTech landscape. A wave of new state legislation has emerged for companies offering EWA. This legislation has imposed licensing and substantive compliance obligations or regulated these products through existing consumer loan laws. Litigation is also underway over the regulatory status of EWA products. Although the CFPB withdrew its interpretive rule regarding “buy now, pay later” (BNPL) products, New York became the first state to pass legislation expressly designed to regulate providers of BNPL products.

Click here to read the full article in The Business Lawyer.