Wells Fargo, JP Morgan Chase and Bank of America are being sued by the embattled Consumer Financial Protection Bureau over alleged unchecked fraud on the Zelle payment app — setting up a legal ...

A lawsuit has been filed against the operator of the digital payment network Zelle and three major U.S. banks. The Consumer Financial Protection Bureau alleges that these institutions failed to ...

Rohit Chopra, director of the CFPB, stated, “The nation’s largest banks felt threatened by competing payment apps, so they rushed to put out Zelle. By their failing to put in place proper ...

Since its launch in 2017, Zelle has become one of the most widely used peer-to-peer payment networks in the U.S., with more than 143 million users. In the first half of 2024, Zelle users ...

The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against the peer-to-peer payment network Zelle and three US banks that conduct or facilitate transactions on the platform.