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Maryland EWA legislation draws protest

Payments Dive

A Maryland bill calling for some earned wage access providers to be registered and licensed has triggered opposition from fintech advocates.

Maryland 243
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“True Lender Act” Bill Proposed in Maryland

CFPB Monitor

Maryland has joined the ranks of states considering legislation that would codify elements of “true lender” theory in an effort to impose federally preempted state licensing requirements and rate caps on loans to Maryland residents. Continue Reading

Maryland 148
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EWA advocates push back on Maryland guidance

Payments Dive

At least one earned wage access advocate is pushing back on Maryland’s recent guidance that labels some on-demand wage offerings as loans.

Maryland 195
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Maryland regulator issues guidance on earned wage access products

CFPB Monitor

Earlier this month, the Maryland Office of Financial Regulation (“OFR”) issued guidance (the “Guidance”) to provide clarity on how the OFR views Earned Wage Access (“EWA”) products and describe the requirements entities offering EWA products must adhere to.

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Professor Jeff Sovern joins faculty of University of Maryland Francis King Carey School of Law

CFPB Monitor

Congratulations to Professor Jeff Sovern who was recently named the inaugural Michael Millemann Professor of Consumer Protection Law at the University of Maryland Francis King Carey School of Law. Professor Sovern joins Maryland Carey Law after 40 years on the faculty of St. Continue Reading

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Another Maryland threat to bank partner model lending

CFPB Monitor

A Maryland administrative action recently removed to the state’s federal district court illustrates how Maryland law continues to present challenges for the bank partner structure used by many lenders. The new Maryland matter demonstrates that participants in bank model programs continue to face state licensing threats.

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NCUA grants third charter of 2023 while Maryland group aims to be next

American Banker

An organization in Maryland is shooting for a 2024 opening. The National Credit Union Administration approved the Young Community Federal Credit Union to begin operations in Kentucky soon.