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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!