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Earned Wage Access Firm Payactiv Loses CFPB Special Treatment

June 30, 2022, 5:26 PM

The Consumer Financial Protection Bureau rescinded a Trump-era no-action letter it issued to earned wage access provider Payactiv Inc.

The CFPB’s enforcement division notified Payactiv that it was considering whether to terminate the no-action letter on June 3, according to an order signed Thursday by CFPB Director Rohit Chopra. Payactiv responded on June 21 that it wanted to voluntarily terminate its no-action letter because it wanted “to make material changes to its program without CFPB review,” the order said.

San Jose, Calif.-based Payactiv didn’t immediately respond to a request for comment.

Earned wage access products allow people to access their ...