{"id":46713,"date":"2024-07-18T05:59:41","date_gmt":"2024-07-18T09:59:41","guid":{"rendered":"https:\/\/www.dailypay.com\/press-center\/thought-leadership\/statement-from-jared-dematteis-chief-legal-and-strategy-officer-dailypay\/"},"modified":"2024-07-18T09:59:41","modified_gmt":"2024-07-18T13:59:41","slug":"statement-from-jared-dematteis-chief-legal-and-strategy-officer-dailypay","status":"publish","type":"post","link":"https:\/\/www.dailypay.com\/press-center\/thought-leadership\/statement-from-jared-dematteis-chief-legal-and-strategy-officer-dailypay\/","title":{"rendered":"Statement from Jared DeMatteis, Chief Legal &amp; Strategy Officer, DailyPay regarding today\u2019s CFPB Proposed Interpretive Rule"},"content":{"rendered":"<p>&ldquo;We strongly disagree with the CFPB&rsquo;s proposed interpretive<strong> <\/strong>rule.&nbsp;Characterizing employer-integrated Earned Wage Access products as loans or credit displays a fundamental misunderstanding of what we do. DailyPay&rsquo;s EWA does not have the hallmarks of a loan &ndash; no origination fees, no consumer credit checks or approvals, no applications or underwriting, no risk-based pricing, no interest or charges based on the time value of money, no late fees, no reporting to consumer credit agencies, and no recourse to the consumer.&nbsp;<\/p>\n<p>Instead, DailyPay keeps millions of American workers out of a cycle of predatory payday loans, overdraft fees, and missed payments by enabling them to access their pay when they earn it.&nbsp;<\/p>\n<p>We will continue to work with our employer partners to improve workers&rsquo; financial well-being.&rdquo;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&ldquo;We strongly disagree with the CFPB&rsquo;s proposed interpretive rule.&nbsp;Characterizing employer-integrated Earned Wage Access products as loans or credit displays a fundamental misunderstanding of what we do. DailyPay&rsquo;s EWA does not have the hallmarks of a loan &ndash; no origination fees, no consumer credit checks or approvals, no applications or underwriting, no risk-based pricing, no interest<a class=\"read-more\" href=\"https:\/\/www.dailypay.com\/press-center\/thought-leadership\/statement-from-jared-dematteis-chief-legal-and-strategy-officer-dailypay\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":45885,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[711],"tags":[],"class_list":["post-46713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-thought-leadership"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Statement from Jared DeMatteis, Chief Legal &amp; Strategy Officer, DailyPay regarding today\u2019s CFPB Proposed Interpretive Rule - DailyPay<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dailypay.com\/press-center\/thought-leadership\/statement-from-jared-dematteis-chief-legal-and-strategy-officer-dailypay\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Statement from Jared DeMatteis, Chief Legal &amp; Strategy Officer, DailyPay regarding today\u2019s CFPB Proposed Interpretive Rule\" \/>\n<meta property=\"og:description\" content=\"&ldquo;We strongly disagree with the CFPB&rsquo;s proposed interpretive rule.&nbsp;Characterizing employer-integrated Earned Wage Access products as loans or credit displays a fundamental misunderstanding of what we do. DailyPay&rsquo;s EWA does not have the hallmarks of a loan &ndash; no origination fees, no consumer credit checks or approvals, no applications or underwriting, no risk-based pricing, no interestRead More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.dailypay.com\/press-center\/thought-leadership\/statement-from-jared-dematteis-chief-legal-and-strategy-officer-dailypay\/\" \/>\n<meta property=\"og:site_name\" content=\"DailyPay\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/dailypay\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-18T09:59:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-18T13:59:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.dailypay.com\/wp-content\/uploads\/Company-Announcement.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1596\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@dailypay\" \/>\n<meta name=\"twitter:site\" content=\"@dailypay\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Statement from Jared DeMatteis, Chief Legal &amp; Strategy Officer, DailyPay regarding today\u2019s CFPB Proposed Interpretive Rule - DailyPay","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.dailypay.com\/press-center\/thought-leadership\/statement-from-jared-dematteis-chief-legal-and-strategy-officer-dailypay\/","og_locale":"en_US","og_type":"article","og_title":"Statement from Jared DeMatteis, Chief Legal &amp; Strategy Officer, DailyPay regarding today\u2019s CFPB Proposed Interpretive Rule","og_description":"&ldquo;We strongly disagree with the CFPB&rsquo;s proposed interpretive rule.&nbsp;Characterizing employer-integrated Earned Wage Access products as loans or credit displays a fundamental misunderstanding of what we do. DailyPay&rsquo;s EWA does not have the hallmarks of a loan &ndash; no origination fees, no consumer credit checks or approvals, no applications or underwriting, no risk-based pricing, no interestRead More","og_url":"https:\/\/www.dailypay.com\/press-center\/thought-leadership\/statement-from-jared-dematteis-chief-legal-and-strategy-officer-dailypay\/","og_site_name":"DailyPay","article_publisher":"https:\/\/www.facebook.com\/dailypay","article_published_time":"2024-07-18T09:59:41+00:00","article_modified_time":"2024-07-18T13:59:41+00:00","og_image":[{"width":1596,"height":800,"url":"https:\/\/www.dailypay.com\/wp-content\/uploads\/Company-Announcement.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_creator":"@dailypay","twitter_site":"@dailypay","twitter_misc":{"Written by":"","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.dailypay.com\/press-center\/thought-leadership\/statement-from-jared-dematteis-chief-legal-and-strategy-officer-dailypay\/#article","isPartOf":{"@id":"https:\/\/www.dailypay.com\/press-center\/thought-leadership\/statement-from-jared-dematteis-chief-legal-and-strategy-officer-dailypay\/"},"author":{"name":"","@id":""},"headline":"Statement from Jared DeMatteis, Chief Legal &amp; 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