CFPB drops lawsuit against banks behind payment system Zelle
The CFPB, under acting director Russell Vought, dropped a lawsuit today against three of the largest banks in the U.S. The banks are co-owners of the peer-to-peer payment system Zelle and had been accused of failing to “take meaningful action” against fraud that cost customers $870 million.
The CFPB also faulted EWS and the named banks for Zelle’s “shoddy safeguards” and faulty design that allowed fraudsters to thrive on the network.
Chase Bank will be blocking Zelle payments to sellers on social media platforms and messaging apps starting March 23.
And the horserace for market leadership in that field has a new leader. In 2024, Zelle topped $1 trillion in transactions for the first time. Some 151 million people used the payments network ...
UPDATE: This article includes comments from Zelle. JPMorgan Chase is taking new steps to curb payments made to scammers on peer-to-peer payments platform Zelle. Starting March 23, 2025, the ...
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