Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
CFPB issues approval order for earned wage access product
The Consumer Financial Protection Bureau has issued a compliance assistance sandbox (CAS) approval order to PayActiv, Inc. covering specific aspects of some of its earned wage access (EWA) products, which allow employees access to their earned but unpaid wages prior to payday. A CAS approval offers an entity confronting regulatory uncertainty a “safe harbor” from liability under specified legal provisions. Entities are offered safe harbor for specified conduct that the Bureau finds compliant with those legal provisions, subject to good faith compliance with the terms of the approval. In this case, the CAS approval order implements the existing safe harbor approval mechanisms provided under the Truth in Lending Act, and is valid for two years.