US CFPB settles with MoneyLion as enforcement activity winds down
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The U.S. Consumer Financial Protection Bureau (CFPB) reached a $1.75 million settlement with MoneyLion over allegations of overcharging military personnel on loans. MoneyLion, accused of exceeding the legal interest rate cap, agreed to the settlement without admitting wrongdoing. The settlement allows borrowers to cancel memberships despite unpaid balances. This action is among the CFPB's final enforcement activities as it winds down, with remaining cases potentially moving to the U.S. Department of Justice.
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