JPMorgan Chase, Bank of America, and Wells Fargo are being sued for fraud on Zelle [Yahoo! Finance]
JP Morgan Chase & Co. (JPM)
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Source: Yahoo! Finance
Wells Fargo ( WFC ) on Friday over their handling of fraud on the peer-to-peer payments network Zelle. The regulatory agency alleged in its lawsuit, filed in U.S. District Court in Arizona, that failures to stop fraud perpetrated through Zelle by some of the nation's largest banks resulted in millions of dollars in fraud losses for customers. “The nation's largest banks felt threatened by competing payment apps, so they rushed to put out Zelle,” CFPB Director Rohit Chopra said 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.” Zelle was created in 2017 by Early Warning Services — a company co-owned by seven major U.S. banks including JPMorgan, Wells Fargo, and Bank of America — to be a competitor to Venmo ( PYPL ) and CashApp ( SQ ). Early Warning was also named in the lawsuit. “The CFPB's attacks on Zelle are legally and factually flawed, and the timing of this laws
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JPM
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