US watchdog says paycheck advances no longer subject to lending law

By Hannah Lang Dec 22 (Reuters) - A U.S. consumer finance agency said on Monday that popular "earned wage" advances on worker paychecks ​do not resemble consumer loans, reversing course from guidance the ‌regulator put out last year under then President Joe Biden. In an advisory opinion, the ‌U.S. Consumer Financial Protection Bureau said most paycheck advances were not subject to the Truth in Lending Act, meaning that companies that offer the products are not required to provide workers with certain dis ...