The City of Baltimore has sued 12-year-old fintech MoneyLion, accusing it of deceptive and unfair practices related to its cash advances to consumers. The city alleges that MoneyLion charges interest at annual percentage rates (APRs) that regularly exceed 350%, or more than ten times Maryland’s legal cap of 33%. Among other claims, Baltimore also accuses the New York company of aggressively encouraging its customers to provide tips and falsely claiming its cash advances aren’t loans.

The MoneyLion suit is part of a broader trend: As the Trump Administration has dramatically rolled back federal financial regulation and slashed the staffing and activities of the Consumer Financial Protection Bureau, state and local regulators have been filling the void by

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