US CFPB drops Zelle case against JPMorgan, BofA, Wells Fargo.
The U.S. Consumer Financial Protection Bureau told a federal court on Tuesday it was dropping a lawsuit filed in December against three of the nation’s largest banks over their handling of the payment service Zelle, court papers show.
The agency, which was virtually shuttered by President Donald Trump last month, had accused JPMorgan Chase, Bank of America and Wells Fargo of failing to protect consumers from fraud costing hundreds of millions of dollars.
Representatives for the CFPB, JPMorgan, Wells Fargo, and Early Warning Services, the joint venture of seven different banks which operates the Zelle system, did not immediately respond to requests for comment about the agency’s action in an Arizona federal court. Bank of America declined to comment.
In an unprecedented move, the CFPB has now dropped seven of the enforcement cases brought under former President Joe Biden, including one against Capital One . Many of the other pending cases have been paused in court.
Source: FINANCE.YAHOO
