MoneyLion Faces SEC, CFPB Probes Ahead of $2.4 Billion SPAC Deal

June 10, 2021, 6:15 PM

Digital finance platform MoneyLion Inc. is facing investigations from the CFPB, SEC, and Minnesota regulators as it works to complete a $2.4 billion SPAC deal with Fusion Acquisition Merger Corp.

The New York-based fintech, which provides mobile banking, lending, and investment services, received a civil investigative demand from the Consumer Financial Protection Bureau over its membership program and its compliance with the Military Lending Act, a federal law that caps loans to servicemembers at 36%, according to a securities filing posted online Wednesday. MoneyLion said it had previously received civil subpoenas from the CFPB in 2019 and 2020.

MoneyLion also ...

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