CFPB drops lawsuit against banks behind payment system Zelle
The CFPB, under acting director Russell Vought, dropped a lawsuit today against three of the largest banks in the U.S. The banks are co-owners of the peer-to-peer payment system Zelle and had been accused of failing to “take meaningful action” against fraud that cost customers $870 million.
Zelle allows you to send and receive money between bank accounts, but there is a limit to the amount that can be transferred.
If the government wins this fight with Zelle, the users will pay more. That hardly sounds like a way to "protect" consumers.
7hon MSN
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