CFPB sues MoneyLion for imposing ‘illegal and excessive charges’ on U.S. servicemembers

The Consumer Financial Protection Bureau announced Thursday that it has sued the online lender MoneyLion Technologies Inc. ML, -26.92% 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.