Self-defense class offered to seniors amid rise of racially motivated assaults

71-year-old Mary Yuen said she was afraid to walk the streets after a number of vicious anti-Asian attacks in the city. But instead of living in fear, she decided to empower herself and take a free self-defense class on the Lower East Side.

Yuen is one of over 20 seniors learning how to defend themselves, thanks to new weekly classes.

“This is about mental empowerment … these folks have felt trapped in their homes,” Jason Lee said. Jason and his wife, Alicia, saw how dangerous hate was in the city, and wanted to do something about it.  

On 11/30/2020 the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion regarding certain types of earned wage access (EWA) providers. In the document, the CFPB also provided an opinion on a legally ambiguous form of earned wage access that requires an employee to repay advances from a vendor.

In the opinion, the CFPB indicates that programs that require an employee to pay back an on-demand transfer via a payroll deduction and charge fees may be considered extensions of credit. The CFPB has noted that there is no extension of credit in the case of wage deductions only if there are no fees or other restrictions. As noted, DailyPay’s proprietary technology and use of the Non-Payback Model do not and have never relied on employee payback of funds via a payroll deduction or debiting of bank accounts (the CFPB’s analysis only clarifies information around these models — our model is and has always been in full compliance).

By way of background, there are two types of on-demand pay models. The difference between the two is the presence or absence of an employee-directed payback, i.e., an employee obligation to repay.

How Does the Opinion Apply to DailyPay? 

The CFPB opinion does not apply to or impact DailyPay’s model, as DailyPay does not require any form of employee payback. As such, it does not require DailyPay, or any of its employer partners, to make any changes in response to the opinion. The opinion does not provide an “approved” or “endorsed” model. Its sole purpose is to clarify a legally questionable model used by some providers in the marketplace, solely from a federal consumer finance perspective.

Any CDO or CTO knows that an evolving tech stack is a key to providing business advancements that improve the company’s bottom line. In today’s HRIS environment, resources are often stretched, so innovation is in great demand. DailyPay delivers on that challenge by offering a full-service on-demand pay platform that reduces turnover, increases productivity, and enhances employee satisfaction, all at zero cost to companies. Through on-demand pay, companies have the potential to save millions of dollars a year without having to change their payroll system.

After implementing DailyPay, companies have found that their turnover rate decreased by 45%, while 56% of their employees were more motivated to pick up additional shifts. With DailyPay’s real-time earnings tracking technology, employees can access up to 100% of their earned pay anytime, so they can pay their bills on time without resorting to predatory loans and overdrafts. As a full-service provider, DailyPay facilitates early pay transactions for millions of workers and produces valuable insights that impact how over 80% of the Fortune 500 companies offering on-demand pay run their business.

HR Edition Dec 2020

2020 has been an incredibly challenging year for all of us. One meaningful takeaway that we collectively learned during the global health crisis is to appreciate the efforts of everyday workers. From the nurse putting in 16-hour days to the grocery clerk doing a double shift, we acknowledged that our heroes don’t all wear capes. Back in January, right before the COVID-19 pandemic hit us, an article written by the CEO of JUST Capital Martin Whittaker caught my attention. This article was all about raising awareness of employees’ financial struggles, and I was excited to see initiatives that PayPal implemented to help their financially stressed employees. 

Today, I’m really encouraged to see PayPal CEO Dan Schulman take a stand in support of the American Worker by offering his employees on-demand pay.

The news that PayPal is implementing an on-demand pay benefit is not surprising as it fits right in with the fact that many fintech CEOs have a long history of being champions for supporting the financial wellness of employees. Those initiatives include everything from lowering their healthcare costs to increasing pay to creating educational programs on financial planning and health. 

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The global pandemic was a wake-up call for companies nationwide. It was a time of realization for antiquated business processes. On the top of the list was “pay.” Not just the delivery of it, but the entire pay experience. And within months, we saw employers of all shapes and sizes adopting a new way to pay called on-demand pay (and sometimes earned wage access). And once they offered this benefit, these businesses realized reduced turnover, increased productivity and a more engaged, satisfied and financially secure workforce.

One expansive effect of this health crisis is the realization that life happens between paydays — especially when faced with needing cash to buy medicine, food or other necessities. It is no longer a viable option to expect your employees to wait every two or even four weeks to have access to the money they’ve earned. 

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Pay-advance apps have been downloaded millions of times, and more employers are offering them as benefits to workers who need cash.

Americans have become accustomed to summoning just about anything on demand, from groceries to car rides. Now it’s just as easy to get paid when you want.

As the coronavirus pandemic squeezes household budgets, workers and employers alike are increasingly turning to pay-advance apps. They allow users, for a sometimes-optional fee, to request money ahead of payday. One even briefly offered a program for those waiting for slow-to-arrive jobless benefits.

And many customers see them as lifelines.

“I turned to those pay-advance apps to compensate where I couldn’t,” said Tasha Ayala-Spain, an American Airlines employee from Upper Darby, Pa., whose hours were slashed this year. She has used Dave and Earnin to get advances of up to $200 per pay period.

“It wasn’t like a loan to a bank,” said Ms. Ayala-Spain, who sometimes worked 50-hour weeks before the pandemic, loading and unloading baggage, mail and medical equipment from airplanes. “You don’t have to pay interest.”

The appeal is obvious: For a few dollars or less, users can cover a bill that comes due in the middle of a pay cycle or get cash for an unexpected expense, like a wildfire or hurricane evacuation. By tapping their earned but unpaid income early, they can avoid overdraft fees, late charges or worse — more predatory lenders. And come payday, the advance is repaid from their bank account or directly from their paycheck.

But these services, which millions have downloaded, come with question marks. Some customers have sued, regulators across the country are looking into their practices, and consumer advocates fear that the apps are glossy packaging for the kind of lending that can leave users stuck in an expensive cycle of debt.

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