Original Source Material
“Misleading” marketing and high interest charges were “intentionally designed to trap individuals in cycles of debt,” the city asserted. Baltimore sued fellow fintech MoneyLion in October.
Baltimore sues fintech Dave over cash advance product
Summary
Baltimore sued MoneyLion over a cash advance product, alleging misleading marketing and high interest charges designed to trap individuals in debt cycles; the case was filed in October.
Why It Matters for Texas Credit Unions
This case highlights potential compliance issues that Texas credit unions should be aware of, especially regarding marketing practices and interest rates on loans.