CFPB sues JPMorgan, Bank of America over alleged Zelle fraud [Fortune]
JP Morgan Chase & Co. (JPM)
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Source: Fortune
Zelle alleging the firms rushed a peer-to-peer payment network to market without adequate consumer protections. “By their failing to put in place proper safeguards, Zelle became a gold mine for fraudsters, while often leaving victims to fend for themselves,” said CFPB Director Rohit Chopra in a statement Friday. Related Video A Zelle spokesperson said the CFPB's lawsuit is legally and factually flawed while a representative for JPMorgan called them “a last-ditch effort in pursuit of their political agenda.” Bank of America said more than 99.95% of transactions go through without issue and it strongly disagreed with the agency's move. A representative for Wells Fargo declined to comment. JPMorgan, Wells Fargo and Bank of America are the largest institutions participating in the Zelle network, according to the complaint, accounting for 73% of its activity last year. The CFPB claimed that fraud complaints weren't addressed, with consumers largely denied relief when they went
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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 [Yahoo! Finance Canada]Yahoo! Finance Canada
- Why Kilroy Realty Stock Flew Higher on Friday [Yahoo! Finance]Yahoo! Finance
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