MoneyLion agreed to pay nearly $1.8 million to resolve a lawsuit from the Consumer Financial Protection Bureau.
The CFPB had alleged that the fintech charged more than the maximum 36% interest rate allowed by the Military Lending Act on loans to service members.
MoneyLion, as part of the settlement, is prohibited from extending consumer credit at rates higher than 36% to borrowers for whom the MLA cap applies, including credit insurance premiums or fees.
The CFPB, which filed its lawsuit agains MoneyLion in 2022, has dismissed 22 enforcement actions this year.