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Sept. 29, 2022, 1:34 p.m. EDT

CFPB sues MoneyLion for imposing 'illegal and excessive charges' on U.S. servicemembers

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By Chris Matthews


The Consumer Financial Protection Bureau announced Thursday that it has sued the online lender MoneyLion Technologies Inc. /zigman2/quotes/219999193/composite ML +9.69% for "imposing illegal and excessive charges on servicemembers and their dependents," the agency said in a press release. "MoneyLion targeted military families by extracting fees and making it difficult to cancel monthly subscriptions," CFPB Director Rohit Chopra said in a statement. "Companies are breaking the law when they require monthly membership fees to obtain loans and then create barriers to canceling those memberships." MoneyLion shares were down more than 9% Thursday afternoon, following the news.

$ 41.22
+3.64 +9.69%
Volume: 197,405
Nov. 30, 2023 4:00p
P/E Ratio
Dividend Yield
Market Cap
$386.39 million
Rev. per Employee

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