The U.S. consumer finance agency stated that “earned wage” advances do not fall under consumer loans, overturning previous guidance under the Biden administration. Companies offering these advances are not required to disclose costs and terms. Digital bank Chime offers up to $500 interest-free advances. States like Nevada and Wisconsin have specified these products are not loans. The CFPB under Trump aims to ease regulations on businesses.

Read more at Yahoo Finance: US watchdog says paycheck advances no longer subject to lending law