CFPB v. MoneyLion Technologies Inc.

MoneyLion Technologies Inc., ML Plus, LLC, and 37 MoneyLion lending subsidiaries allegedly violated the MLA by, among other things, charging covered borrowers annual percentage rates that exceeded the allowable rate under the MLA and failing to make required disclosures, according to the CFPB. MoneyLion, its lending subsidiaries, and ML Plus allegedly violated the Consumer Financial Protection Act of 2010 by misrepresenting that covered borrowers owed loan payments and associated fees that they did not in fact owe because loan contracts were void from their inception; not permitting consumers with unpaid loan balances to exit the membership program; and continuing to charge and collect monthly membership fees after consumers had asked to cancel their memberships or terminate ACH-fee withdrawals, according to the CFPB.

Summary generated from official Consumer Financial Protection Bureau press release