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12/30/2024
Consumer Financial Protection Bureau sues big banks over 'widespread' fraud on Zelle app
USA Today
The U.S. Consumer Financial Protection Bureau said on Friday it filed a lawsuit against JPMorgan Chase JPM.N, Bank of America BAC.N and Wells Fargo WFC.N for failing to protect consumers from alleged "widespread fraud" on payments platform Zelle.
The lawsuit was initiated as the watchdog moves ahead with a bold agenda in the final weeks of Joe Biden's Democratic administration in a bid to advance consumer protections before President-elect Donald Trump overhauls the agency, Reuters reported last month. The moves defy congressional Republicans, who have called for agencies to cease rulemaking.
The CFPB seeks to stop the alleged unlawful practices via Zelle, secure redress and penalties, and obtain other relief for consumers, it said in a statement.
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