The American Fintech Council (AFC) has expressed approval for the Louisiana Legislature's recent enactment of House Bill 368, a law setting responsible standards for Earned Wage Access (EWA) services. The bill was championed by Representative Vincent St. Blanc and aims to protect consumers while promoting innovation in Louisiana's EWA market.
In May, Phil Goldfeder, CEO of the AFC, traveled to Baton Rouge to support the legislation before the Louisiana House Commerce Committee. After the bill passed through the legislature, AFC and several EWA providers sent a letter to Governor Landry urging him to sign it into law. The legislation introduces clear guidelines based on proven practices to ensure services are transparent and accessible.
Goldfeder commented, “Louisiana’s action on this legislation shows that states can lead the way in crafting commonsense rules that protect consumers without limiting access to valuable financial tools." He added that EWA helps workers manage expenses without resorting to high-cost credit.
House Bill 368 provides consumer protections such as a voluntary no-cost access option, clear fee disclosures, no credit checks, and freedom for users to cancel without penalties.
Ashley Urisman, Director of State Government Affairs at AFC, remarked on HB 368: “HB 368 reflects a thoughtful approach to responsible innovation and consumer protection.” She acknowledged Louisiana lawmakers for recognizing EWA's value and developing a framework that maintains access while implementing necessary safeguards.
The AFC represents fintech companies and innovative banks offering embedded finance solutions. Its mission is to promote a transparent financial system by supporting responsible innovation in financial services.