CFPB sues Zelle operator, major banks over failure to counter fraud

20 Dec 2024, 16:14 by Simon Druker · UPI

Dec. 20 (UPI) -- Three of the largest U.S. banks rushed the Zelle digital payment system to market "without implementing effective consumer safeguards," according to a lawsuit filed Friday by the Consumer Financial Protection Bureau.

The suit filed by the CFPB contends Bank of America, JPMorgan Chase, and Wells Fargo failed to properly protect users of the peer-to-peer payment network.