CFPB Sues MoneyLion for Overcharging Servicemembers and Trapping Consumers in Costly Memberships
September 30, 2022
September 30, 2022
WASHINGTON, Sept. 30 -- The Consumer Financial Protection Bureau issued the following news release on Sept. 29, 2022:
The Consumer Financial Protection Bureau (CFPB) sued MoneyLion Technologies, an online lender, and 38 of its subsidiaries, for imposing illegal and excessive charges on servicemembers and their dependents. The CFPB alleges that MoneyLion violated the Military Lending Act by charging more than the legally allowable 36% rate cap on loans to servicemembers and their dep . . .
The Consumer Financial Protection Bureau (CFPB) sued MoneyLion Technologies, an online lender, and 38 of its subsidiaries, for imposing illegal and excessive charges on servicemembers and their dependents. The CFPB alleges that MoneyLion violated the Military Lending Act by charging more than the legally allowable 36% rate cap on loans to servicemembers and their dep . . .