MoneyLion CFPB complaints low despite ‘massive’ growth, says B. Riley

B. Riley tracked the Consumer Financial Protection Bureau’s complaints of the consumer-facing fintech, specialty finance, and cryptocurrency companies the firm covers to see complaint trends. MoneyLion (ML) is seeing “massive” customer growth with little complaint growth, the analyst tells investors in a research note. The firm points out the company has a legal matter with the CFPB for a violation of the Military Lending Act, which was disclosed in September 2022. Riley came away positive on how MoneyLion is keeping complaints at low levels despite triple-digit growth in customers. For Oportun Financial (OPRT) which has over 2M customers and low double-digit growth, the complaints were basically flat for the past two years, which is a good performance, says the firm. For Atlanticus (ALTC), Riley says complaints have moved higher in the past 12 months by 47%, but that this also comes after a strong period of origination growth.