CFPB vs. MoneyLion; Fed's Bowman, Brainerd; Silicon Valley Bank + BNPL

Inside the CFPB's case against MoneyLion: The Consumer Financial Protection Bureau has accused the challenger bank, which charges customers a monthly membership fee, of violating the Military Lending Act and other consumer protection laws. MoneyLion says the allegations are baseless.

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Here's some more of what we're covering today:

'Regulation is not cost-free': Fed's Bowman urges caution on rule changes: Federal Reserve Board Gov. Michelle Bowman said Friday that the central bank should weigh financial stability risks against stalled growth as it considers refinements to the bank capital framework and merger rules.

Fed's Brainard: global rate hikes could threaten financial stability: Interest rate increases by central banks have compounding effects and could exacerbate weaknesses in the global financial system, Federal Reserve Vice Chair Lael Brainard argued in a speech Friday.

Why Silicon Valley Bank is beting on buy now/pay later for businesses: Silicon Valley Bank has issued credit to Slope, a firm that's offering a form of B2B installment loan. It's a product that's becoming more popular as small companies face mounting financial challenges.

Michigan bank close to putting mortgage lending disaster behind it: After resolving a longstanding consent order from the Office of the Comptroller of the Currency and a shareholder lawsuit, Sterling Bank's CEO — an experienced turnaround artist — says the bank is largely done fixing the fallout from its fraud-ridden Advantage Loan program.

Bank Five Nine in Milwaukee suburb names next CEO: Bank Five Nine (Community Bank) said a national search ended in its backyard with the hiring of Wisconsin veteran banker Tim Schneider, the former CEO and cofounder of Investors Community Bank.