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Effective Date: Truth in Lending (Regulation Z); Consumer Credit Offered to Borrowers in Advance of Expected Receipt of Compensation for Work

AGENCY:

Consumer Financial Protection Bureau.

ACTION:

Advisory opinion rescinding previous advisory opinion.

SUMMARY:

The Consumer Financial Protection Bureau (CFPB) is issuing this advisory opinion to rescind an advisory opinion it issued in November 2020 that described how one particular type of “earned wage” product does not involve the offering or extension of “credit” as that term is defined in the Truth in Lending Act and Regulation Z.

DATES:

This advisory opinion is applicable January 15, 2025.

  • January 15, 2025
  • Time: 12:00 am – 12:00 am CDT