04:34 AM EDT, 07/19/2024 (MT Newswires) -- Dave ( DAVE ) shares were up more than 12% in after-hours activity on Thursday after the company said it is "closely monitoring the recently proposed interpretive ruling from the [Consumer Financial Protection Bureau] around paycheck advance and earned wage access."

Chief Executive Jason Wilk said the company was founded on the paycheck advance and earned wage access model but transitioned away from it beginning in 2022 due to a lack of certainty around the regulations.

"Dave's ( DAVE ) ExtraCash product is structured as a bank-originated overdraft with optional fees, which combats the excessive fees found at incumbent banks," Wilk said. "ExtraCash and our optional fees sit within the overdraft regulatory framework that is distinguished from EWA and paycheck advance products."

Price: 42.00, Change: +4.60, Percent Change: +12.30