Since Acting Director Russell Vought has taken over the CFPB, the agency has dropped at least a half dozen cases brought by his predecessor, Rohit Chopra.

Shares of JPMorgan Chase ( JPM -5.16%), the largest bank in the U.S. by assets, traded nearly 5% lower as of 10:52 a.m. ET. Shares of Wells Fargo ( WFC -6.97%) traded 6.5% lower at that time, while shares of Citigroup ( C -8.20%) were down 7.5%.

The Consumer Financial Protection Bureau on Tuesday dropped its lawsuit against several big banks for failing to safeguard the Zelle payments network from fraud. During the waning days of the Biden administration in late December,

The U.S. Consumer Financial Protection Bureau told a federal court on Tuesday it was dropping a lawsuit filed in December against three of the nation's largest banks over their handling of the payment service Zelle,

The Consumer Financial Protection Bureau told a federal court on Tuesday it was dropping a lawsuit filed in December against three of the nation’s largest banks over their handling of the payment service Zelle,