The Earnin app appears designed to look like other early wage access programs, but critics say it’s actually a payday lender and New York regulators have taken notice.
The slow U.S. adoption of real-time payments hurts half of Americans who live paycheck to paycheck, says Aaron Klein, a fellow at the Brookings Institution.
The administration and regulators are considering exempting certain asset classes from the leverage ratio, but opponents say going down that road is a mistake.
