MoneyLion Faces 1.75 Million Dollar CFPB Settlement on Military Lending Charges

US fintech company MoneyLion faces a $1.75 million financial impact following a settlement with the Consumer Financial Protection Bureau over alleged violations of the Military Lending Act. The settlement resolves claims related to lending practices affecting military service members.

The CFPB alleged that MoneyLion's lending products did not fully comply with MLA requirements, which place specific restrictions and protections on financial products offered to active-duty military personnel and their families.

The settlement serves as a reminder to fintech companies of the importance of compliance with consumer protection regulations, particularly those designed to protect vulnerable populations. The MLA carries specific penalties and requirements that differ from general consumer lending rules.