For Whom the Zelle Tolls: Trump Drops Lawsuit Against the Wildly Popular Money Transfer Network
One of the more baffling lawsuits in the final days of the Biden administration was the complaint against Zelle, the popular money transfer network. The Consumer Finance Protection Bureau argued that, despite Zelle’s service being free, the network’s users were being ripped off.
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.
Nearly one in four Zelle spenders—roughly 23 million people—sent a payment to a small business in the last three months of 2024.
Zelle was launched in 2017 in response to the rise of platforms such as Venmo, PayPal and CashApp. Zelle, the payments network run by banks-owned Early Warning Services, crossed $1 trillion in ...
The Zelle platform hit $1 trillion in transactions over its network in a single year among its 151 million enrolled users, ...
In the final days of the Biden administration, the CFPB accused EWS and the three banks of rushing the Zelle service to market to compete with apps like PayPal’s Venmo and Block’s Cash App ...
If you received a total of $5,000 or more through a payment app in 2024, that company is now required to report that amount ...
Facing competitors like Cash App, Zelle, and Apple Pay, PayPal is focused on expanding Venmo’s role in digital commerce.
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