Reported about 10 hours ago
The Consumer Financial Protection Bureau (CFPB) has dismissed a lawsuit against major US banks, including JPMorgan Chase and Bank of America, which accused them of enabling fraud through the Zelle payment network. The case, which was filed last year, claimed the banks’ inadequate protections created opportunities for fraudsters, but it has been dropped with prejudice, preventing any reopening. This action is part of a wider trend of the CFPB withdrawing lawsuits under the Biden administration as regulatory efforts shift.
Source: YAHOO