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MoneyLion Inc. (NYSE: ML) has responded to a complaint from the Consumer Financial Protection Bureau (CFPB), which targets its membership offering. The company asserts its commitment to cooperation with the CFPB over the past three years while defending against what it calls false allegations. MoneyLion emphasizes the value of its membership program aimed at helping service members and other customers improve their financial well-being. The company remains dedicated to innovation and support for military and veteran customers, claiming the CFPB's assertions are unfounded.
Positive
MoneyLion has cooperated with the CFPB for over three years, demonstrating commitment to compliance.
The membership program serves a small subset of MoneyLion's business, indicating a broader operational scope.
MoneyLion emphasizes its dedication to providing financial tools for military and veteran customers.
Negative
The CFPB's complaint could potentially impact MoneyLion's reputation and operations.
The complaint suggests regulatory scrutiny, which may complicate future business initiatives.
NEW YORK--(BUSINESS WIRE)--
In response to a press release and complaint filed today by the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”), which is isolated to one of the company’s many product offerings, MoneyLion Inc. (“MoneyLion”) (NYSE: ML) issued the following statement:
“MoneyLion has cooperated in good faith with the CFPB for over three years regarding our membership offering. Our innovative membership program helps service members and other customers save, invest, build credit and improve their overall financial lives. Despite our cooperation, the Bureau has chosen the sensationalist route of prioritizing headlines instead of engaging in constructive dialogue to address their questions and to achieve better consumer outcomes.
We will vigorously defend against these false allegations to set the record straight as we continue to deliver innovative financial products that help our customers.
The claims made by the Bureau about our membership offering, a product that represents a small subset of MoneyLion’s business, are without merit. MoneyLion has the highest regard for its military and veteran customers and are committed to working with this important community to help them achieve better financial health. MoneyLion is honored to serve this important segment of its customer base and is grateful for the sacrifice these men and women have made for our country.
MoneyLion’s mission is to rewire the financial system to positively change the path of every hard-working American. Our 750 plus employees have worked to continuously refine and innovate our products to deliver financial tools that help middle income families. We are proud of our company, our commitment to our military and veteran customers, and will continue to innovate and develop products that help people improve their financial health.”
About MoneyLion
MoneyLion is the go-to destination for personalized financial content, products and advice. MoneyLion’s mission is to rewire the financial system to positively change the path of every hard-working American. MoneyLion uses its proprietary data advantage and technology to empower its customers. MoneyLion engages and educates its customers with daily, hyper-personalized money-related and money-adjacent content that is delivered through each customer’s own content feed. MoneyLion provides its customers a full suite of financial and non-financial solutions, bundling its proprietary, low-cost financial products with products that are offered through its marketplace technology and network affiliate partners. MoneyLion also leverages its distinct data, technology, and network advantages to deliver leading embedded finance and marketplace solutions for enterprise customers. Since its founding in 2013, MoneyLion has empowered millions of Americans to take control of their finances and live their best financial life, every day.
For more information about the company, visit www.moneylion.com. For investor information and updates, visit investors.moneylion.com and follow @MoneyLionIR on Twitter.
What is MoneyLion's response to the CFPB complaint?
MoneyLion asserts it will vigorously defend against the CFPB's allegations, emphasizing its cooperation over three years.
How does the CFPB complaint affect MoneyLion's business?
While MoneyLion claims the complaint targets a minor aspect of its offerings, it may nonetheless affect the company's reputation and operational focus.
What does MoneyLion say about its membership program?
MoneyLion describes its membership program as innovative, aimed at helping service members and others improve their financial health.
What is the significance of the CFPB allegations for investors in ML?
The allegations could indicate increased regulatory scrutiny, possibly impacting investor sentiment and stock performance.
When did the CFPB file the complaint against MoneyLion?
The CFPB filed the complaint today, as mentioned in MoneyLion's press release.
