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.
Payactiv sandbox approval terminated by CFPB
The CFPB has announced an order terminating Payactiv’s Sandbox Approval Order relating to its earned wage access products. The CFPB had given Payactiv special regulatory treatment, including as to liability under a relevant federal consumer financial law with respect to these products. Payactiv requested the termination in order to make changes to its fee model.
Payactiv, Inc. is a San Jose-based financial services company that provides so-called “earned wage access” products to employees. Payactiv contracts with employers to provide employee-requested transfers of wages that an employee has already earned prior to payday. Payactiv then recoups the amount of each transaction through a payroll deduction from the employee’s next paycheck. The CFPB informed Payactiv on June 3, 2022, that it was considering terminating the approval order in light of certain public statements the company made wrongly suggesting a CFPB endorsement of its products.
The CFPB has received requests for clarification regarding its 2020 advisory opinion on “earned wage access” products. The CFPB plans to issue further guidance soon to provide greater clarity concerning the application of the definition of “credit” under the Truth in Lending Act and Regulation Z.