New Yorkers Seek Financial Tools to Keep Up with Rising Costs

Earned wage access helps workers bridge the gap, but some lawmakers want to restrict access

Mar. 12, 2026 at 7:50pm

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In a state where every dollar counts, New Yorkers are turning to earned wage access (EWA) to help manage unpredictable expenses and the high cost of living. EWA allows workers to access a portion of their paycheck before payday without interest. However, some lawmakers have introduced legislation that would treat EWA advances as loans subject to New York's 25% interest rate cap, which could restrict access to this financial tool. The author argues that EWA is not borrowing or predatory lending, but rather a way for workers to access money they've already earned to stay on track financially.

Why it matters

With the cost of living continuing to rise across New York state, workers are facing increasing financial challenges, especially those with unpredictable incomes like freelancers and gig workers. Tools like earned wage access can help bridge the gap, but proposed legislation could limit access to this financial flexibility.

The details

The author, a Brooklyn resident, has been using earned wage access (EWA) to cover unexpected expenses like utility bills before payday, without having to resort to overdraft fees or other high-cost options. However, some lawmakers have introduced the 'Stop Taking Our Pay Act' that would treat EWA advances as loans subject to New York's 25% interest rate cap. The author argues this misunderstands how EWA works, as it is not a loan but rather access to money already earned. The author supports an alternative bill introduced by Senator Jeremy Cooney and Assemblymember Clyde Vanel that would bring regulatory clarity to EWA, banning tip suggestions, capping fees, and requiring providers to be licensed.

  • Last winter, the author's ConEd bill hit a few days before payday.
  • In 2026, Senator Samra Brouk and Assemblymember Steven Raga introduced the 'Stop Taking Our Pay Act' (S8939 / A9644).
  • Senator Jeremy Cooney and Assemblymember Clyde Vanel introduced their proposal (S3332A and A258A).

The players

Lea Tomaswick

A Brooklyn resident and freelancer who has been using earned wage access to manage unexpected expenses.

Senator Samra Brouk

A New York state senator who introduced the 'Stop Taking Our Pay Act' legislation.

Assemblymember Steven Raga

A New York state assemblymember who introduced the 'Stop Taking Our Pay Act' legislation.

Senator Jeremy Cooney

A New York state senator who introduced alternative legislation to bring regulatory clarity to earned wage access.

Assemblymember Clyde Vanel

A New York state assemblymember who introduced alternative legislation to bring regulatory clarity to earned wage access.

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What they’re saying

“What concerns me is that these proposals treat all fees as predatory interest rates, misunderstanding how the product actually works. EWA isn't borrowing, because there's no debt, no interest, no loans. I'm simply accessing money I've already earned.”

— Lea Tomaswick (politicsny.com)

What’s next

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The takeaway

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