Reported 2 months ago
The Consumer Financial Protection Bureau (CFPB) is investigating major U.S. banks, including JPMorgan, Bank of America, and Wells Fargo, regarding their management of customer funds on the Zelle payment platform amidst concerns over increasing scams and fraud. The investigation follows rising scrutiny from lawmakers like Senator Elizabeth Warren, as banks argue that reimbursing scam victims could lead to more fraud. Zelle, which is owned by several major banks, claims to have taken proactive measures to prevent fraud.
Source: YAHOO