CFPB sues America's largest banks for 'allowing fraud to fester' on Zelle [MSNBC.com]
JP Morgan Chase & Co. (JPM)
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Source: MSNBC.com
The Consumer Financial Protection Bureau is suing America's three largest banks, accusing the institutions of failing to protect customers from fraud on Zelle, the payment platform they co-own.According to the suit, which also targets Early Warning Services LLC, Zelle's official operator, Zelle users have lost more than $870 million over the network’s seven-year existence due to these alleged failures.“The nation’s largest banks felt threatened by competing payment apps, so they rushed to put out Zelle,” said CFPB Director Rohit Chopra in a statement. “By their failing to put in place proper safeguards, Zelle became a gold mine for fraudsters, while often leaving victims to fend for themselves.”Among the charges:The CFPB’s suit seeks to change the platform's operations, as well as obtain a civil money penalty, that would be paid into the CFPB’svictims relief fundA spokesperson for Zelle called the suit misguided and politically motivated.“The CFPB’s attacks on Zelle are legally and fa
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News
- Lawsuit alleges Zelle and its owners failed to protect consumers from fraud [Yahoo! Finance]Yahoo! Finance
- CFPB sues America's largest banks for 'allowing fraud to fester' on Zelle [Yahoo! Finance]Yahoo! Finance
- Powerless Against Financial Scams, The CFPB Scapegoats The Big Banks [Forbes]Forbes
- CFPB sues JPMorgan, Bank of America over alleged Zelle fraud [Fortune]Fortune
- CFPB Sues JPMorgan, Bank of America Over Alleged Zelle Fraud [Yahoo! Finance Canada]Yahoo! Finance Canada
JPM
Earnings
- 10/14/24 - Beat
JPM
Sec Filings
- 12/20/24 - Form 424B2
- 12/20/24 - Form 424B2
- 12/20/24 - Form 424B2
- JPM's page on the SEC website