The CFPB has dropped a lawsuit accusing Zelle and its bank backers of failing to clamp down on fraud. It's Trump administration's latest move to drop agency enforcement actions.

The lawsuit, filed in December, accused Zelle’s parent company, Early Warning Services, along with JPMorgan Chase, Bank of America, and Wells Fargo of improperly handling fraud

A spokeswoman for the payment app’s parent company said the lawsuit against three large banks was “without merit, and legally and factually flawed.”