CFPB Sues Major US Banks Over Alleged Zelle Fraud, Claiming Consumer Losses of $870 Million
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against three of the nation’s largest banks—Bank of America, JPMorgan Chase, and Wells Fargo—accusing them of failing to protect consumers from alleged widespread fraud on payments platform Zelle. The lawsuit, announced on Dec. 20, also targets Early Warning Services, which operates Zelle, a peer-to-peer payment […]