CFPB drops lawsuit against Bank of America, JPMorgan Chase and Wells Fargo over Zelle fraud
CFPB drops lawsuit against Bank of America, JPMorgan Chase and Wells Fargo over Zelle fraud
CFPB drops lawsuit against Bank of America, JPMorgan Chase and Wells Fargo over Zelle fraud
The Consumer Financial Protection Bureau is dropping its lawsuit against the company that runs the Zelle payment platform and three U.S. banks as federal agencies continue to pull back on previous enforcement actions now that President Donald Trump is back in office.
In December a federal regulator sued JPMorgan Chase, Wells Fargo and Bank of America, claiming the banks failed to protect hundreds of thousands of consumers from rampant fraud on Zelle, in violation of consumer financial laws.
In the federal civil complaint, the CFPB asserted that the banks rushed to get the peer-to-peer payments platform to market without effective safeguards against fraud and then, after consumers complained about being defrauded on the service, largely denied them relief.
Donald Trump wants scammers to steal your money.
He's a scammer so yes
Why isn’t some PAC running ads with this as a title card on every network?
I think they're afraid of peaking early and running out of steam before midterms.
Because we don't have that kind of money
I mean what even is that? Is he profiting from the scamming somehow?
His constituents would be the main ones falling for the scams.
I would love for conservative rural voters to know the contempt trump has for them.
Doesn't matter, we need easily digestible tidbits to feed his cultists.