Zelle payment fraud gets major banks sued by the CFPB
The CFPB is suing the fintech firm Early Warning Services — the bank-owned company that runs Zelle — as well as JPMorgan Chase, Bank of America, and Wells Fargo, claiming that customers of the banks lost more than $870 million over Zelle's seven-year existence.
Besides the three defendants in the CFPB suit, Early Warning is owned by Capital One, PNC Bank, Truist, and U.S. Bank. It ...
CFPB alleges JPMorgan Chase and other big banks skipped important safety features that put Zelle customers at risk.
The CFPB apparently can’t see that its lawsuit will give bank customers the real Gordon Tullock, and in the worst way ...
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