Feds sue Bank of America, Wells Fargo for failing to stop ‘widespread' Zelle fraud [Yahoo! Finance]
Bank of America Corporation (BAC)
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Source: Yahoo! Finance
The Consumer Financial Protection Bureau made the announcement Friday, claiming that Americans have lost hundreds of millions of dollars to fraud connected to the peer-to-peer payment network. JPMorgan Chase is also named in the lawsuit. Customers have lost more than $870 million during the Zelle network's seven-year existence because of the actions, according to the consumer agency. Early Warning Services, which operates Zelle, along with the three banks, rushed the network to market to compete against growing payments apps such as Venmo and CashApp, without putting adequate safeguards in place for consumers, according to CFPB. “The nation's largest banks felt threatened by competing payment apps, so they rushed to put out Zelle,” said CFPB Director Rohit Chopra in the news release. “By their failing to put in place proper safeguards, Zelle became a gold mine for fraudsters, while often leaving victims to fend for themselves.” Bank of America, which is headquartered in Charl
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- The market's top stocks need to keep winning to hold back a 'stealth correction,' Bank of America says [Yahoo! Finance]Yahoo! Finance
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Sec Filings
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- 12/20/24 - Form 424B2
- 12/20/24 - Form 424B2
- BAC's page on the SEC website