US EditionNew York crackdown targets illegal FinTech payday lending operations
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regtechanalyst.comNew York crackdown targets illegal FinTech payday lending operations
New York Attorney General Letitia James has filed lawsuits against FinTech firms MoneyLion and DailyPay, accusing them of preying on hourly workers across the state with illegal, high-interest payday loans. The legal action seeks to halt their operations in New York, secure restitution for tens of thousands of affected individuals, and impose financial penalties for what are described as abusive lending practices masked as early wage access prod…
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