The Consumer Financial Protection Bureau announced Thursday that it has sued the online lender MoneyLion Technologies Inc. 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.
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