Dec 20, 2024 · The Consumer Financial Protection Bureau (CFPB) sued the operator of Zelle and three of the nation’s largest banks for failing to protect consumers from widespread fraud on America’s most widely available peer-to-peer payment network.

23 hours ago · A spokesperson for Zelle said it welcomed the CFPB's decision to drop the case, stating that "this lawsuit was without merit, and legally and factually flawed." But consumer advocates decried the ...

5 hours ago · Those three banks are the largest financial institutions on the Zelle network, accounting for 73% of activity on Zelle in 2023. But a filing in the U.S. District Court for the District of Arizona on Tuesday indicated that the CFPB was dismissing its lawsuit against EWS, Bank of America, JPMorgan Chase and Wells Fargo with prejudice.

18 hours ago · The lawsuit was brought in December, after the CFPB found that Zelle had failed to implement effective safeguards against fraudulent activities, resulting in a combined loss of more than $870 ...

21 hours ago · The Zelle case is one of at least eight enforcement actions that the agency has abandoned in recent weeks, including a lawsuit against Capital One over tactics that the bureau said deprived ...

1 hour ago · The Consumer Financial Protection Bureau has dismissed its lawsuit against Zelle's operator and its owner banks with a major Charlotte presence. ... The CFPB has previously reported that customers ...

1 day ago · The CFPB said customers of the three banks have lost more than $870 million since the launch of Zelle in 2017. The service was launched to provide bank customers an alternative to peer-to-peer ...

20 hours ago · The Consumer Financial Protection Bureau (CFPB) dropped its fraud lawsuit against the operator of Zelle and three of its parent banks on Tuesday.. Why it matters: It's the latest rollback of Biden-era moves from the agency, which President Trump has quickly gutted since entering office. Catch up quick: The lawsuit, filed in December, alleged that customers of JPMorgan Chase, Bank of America ...

1 day ago · In the final days of the Biden administration, the CFPB accused EWS and the three banks of rushing the Zelle service to market to compete with apps like PayPal's Venmo , opens new tab and Block's ...

22 hours ago · During the waning days of the Biden administration in late December, the CFPB, then led by Rohit Chopra, filed a lawsuit against Zelle operator Early Warning Services as well as Bank of America ...