CFPB sues JPMorgan, BofA, Wells Fargo over failures to prevent Zelle fraud
The US Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against JPMorgan Chase, Bank of America, and Wells Fargo for allegedly failing to protect consumers from “widespread fraud” on the Zelle payments platform. Early Warning Services, which developed and operates Zelle, has also been named in the lawsuit.
CFPB alleges JPMorgan Chase and other big banks skipped important safety features that put Zelle customers at risk.
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