Reported 1 day ago
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against JPMorgan Chase, Bank of America, and Wells Fargo, alleging that they rushed the launch of Zelle without sufficient consumer protections, which facilitated fraud. The CFPB claims that victims were often denied relief by their banks, and the banks have faced scrutiny regarding their Zelle transactions. A spokesperson for Zelle has criticized the lawsuit as politically motivated, and the banks have not provided immediate comments.
Source: YAHOO