Julia Conley is a staff writer for Common Dreams.
With inflation rising in recent years, driven by corporate greed according to numerous analyses, the number of people in the U.S. who have relied on paycheck advance products has skyrocketed—but a rule introduced Thursday by the Consumer Financial Protection Bureau is aimed at ensuring that lenders who provide these products are transparent with financially struggling workers about the fees they can incur.
'The share of workers in our sample using the product at least once a month increased from 41% in 2021 to nearly 50% in 2022,' wrote the CFPB. The bureau noted that while employers sometimes make paycheck advances fee-free for their employees, workers usually pay fees themselves, including expedited service fees and 'tips' that the online services request when completing the transaction.
Paycheck Advances Payday Lending Project 2025 Rohit Chopra Consumer Financial Protection Bureau
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
OSHA proposal aims to protect workers from extreme heatAdi Guajardo developed a passion for journalism in middle school, and her love for storytelling has flourished over the years.
Read more »
Gov. Healey executive order aims to protect emergency abortion careMonday's executive order is driven by a pending case over whether Idaho's abortion ban conflicts with federal law requiring certain hospitals to provide 'necessary stabilizing treatment' in emergency situations.
Read more »
Key proposition aims to protect same sex marriageDoing that could prevent future confusion and disruption in thousands of lives.
Read more »
Ohio Senate approves bill meant to protect elections workers from personal threatsThe proposed law change would exempt elections officials' names and other personal information from public records.
Read more »
New Rules Will Protect California Workers From Dangerous Heat IndoorsCalifornia joins just two other states that have heat regulations in place meant to keep millions of people who work in facilities like warehouses, restaurants or refineries safe.
Read more »
New rules will protect California workers from dangerous heat indoorsCalifornia joins just two other states that have heat regulations in place meant to keep millions of people who work in facilities like warehouses, restaurants or refineries safe.
Read more »