JPMorgan Chase, Bank of America and Wells Fargo sued for failing to prevent fraud on Zelle [CNN]
JP Morgan Chase & Co. (JPM)
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Source: CNN
CNN — CFPB estimates that hundreds of thousands of customers of JPMorgan Chase, Bank of America and Wells Fargo have lost more than $870 million since Zelle launched seven years ago. Those three banks co-own Zelle, along with four other big US banks: Capital One, PNC Bank, Truist and US Bank. “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.” CFPB notes that customers who filed fraud complaints “were largely denied assistance, with some being told to contact the fraudsters directly to recover their money.” What's more, CFPB says, the entities being sued did not properly investigate complaints or give consumers “legally required reimbursement for fraud and errors.” CFPB's suit, filed in the US District Court for the District of
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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