Birmingham, AL – August 05, 2021Immediate, a financial wellness company, today announced a signed Memorandum of Understanding (MOU) with The California Department of Financial Protection and Innovation (DFPI) to provide the State of California with guidance, feedback, and a better understanding of earned wage access (EWA). As a company, Immediate continues to monitor state and federal compliance in all states and territories and is pleased to provide expert feedback and guidance for appropriate regulation. 

This MOU will provide the DFPI with data that shows the positive financial impact Immediate has and will continue to have on California’s workforce. In an effort to establish best practices, this MOU is one of a few that will help evaluate the EWA industry as a whole. Immediate continues to set themselves apart by implementing financial guardrails to further their users’ financial well-being and provide a responsible alternative to predatory lending options. 

“With our goal being to improve the financial well-being of American workers, this signed agreement should encourage continued conversation with the state of California that will push for responsible regulation around on-demand pay to best serve our California user community,” said Michael Orme, Chief Operating Officer at Immediate.