CFPB lets banks off the hook and drops Zelle lawsuit
The CFPB, which enforces regulations against the financial services industry, had claimed in its December 2024 lawsuit that the organizations had not effectively protected Zelle users “from widespread fraud,” causing customers of Bank of America, JPMorgan Chase, and Wells Fargo to lose a combined $870 million since Zelle launched in 2017.
The Zelle platform hit $1 trillion in transactions over its network in a single year among its 151 million enrolled users, ...
Zelle allows you to send and receive money between bank accounts, but there is a limit to the amount that can be transferred.
Barron Trump was recently embroiled in a controversy on X, formerly known as Twitter, after he was accused of mocking Ukraine ...
If the government wins this fight with Zelle, the users will pay more. That hardly sounds like a way to "protect" consumers.
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