CFPB Sues JPMorgan, Bank of America Over Alleged Zelle Fraud

Bloomberg12-20 22:49

(Bloomberg) -- The Consumer Financial Protection Bureau sued JPMorgan Chase & Co., $Bank of America Corp(BAC-N)$. and Wells Fargo & Co. along with the parent company of Zelle alleging the firms rushed...

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be driven by political factors unrelated to Zelle.The CFPB also claimed that fraud complaints weren’t addressed, with consumers largely denied relief when they went to their banks, according to a lawsuit filed in the US District Court for the District of Arizona.Representatives for JPMorgan and Bank of America did not have an immediate comment. A representative for Wells Fargo declined to comment.Both JPMorgan and Wells Fargo previously disclosed that the consumer agency was investigating their handling of Zelle transactions. JPMorgan also said earlier this year it was evaluating its response to the government scrutiny, including potential litigation.Consumer payment scams via Zelle and Venmo previously caught the attention of Senate Democrats including Elizabeth Warren. Early Warning Services, the company that operates Zelle, is owned by seven of the largest US banks: the three named in the lawsuit as well as $Capital One Financial Corp(COF-N)$., PNC Financial Services Group Inc., Truist Financial Corp. and US Bancorp. Zelle competes with PayPal Holdings Inc.-owned Venmo and Block Inc.-owned Cash App, two of the most popular peer-to-peer payment apps in the US.--With assistance from Hannah Levitt and Katherine Doherty.(Updates with additional background and context throughout)©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2493237434"}