MoneyLion Asked To Provide More Info In CFPB, Minn. Probes

Law360 (June 9, 2021, 9:52 PM EDT) -- The Consumer Financial Protection Bureau and Minnesota regulators have sought additional information from MoneyLion Inc. as part of ongoing regulatory investigations into the mobile banking platform, which is preparing to go public through a $2.4 billion blank-check merger.

According to a regulatory filing late Tuesday, MoneyLion recently received its third civil investigative demand since 2019 from the CFPB related to the fintech's "membership model" and compliance with federal service member protections under the Military Lending Act.

Minnesota's Department of Commerce has also been investigating MoneyLion, the filing disclosed. Earlier this year, MoneyLion received its third information request in as many years...

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