The Consumer Protection Office (CFPB) today rejected a lawsuit Against early warning servicesThe company that runs the Zelle -like platform that resembles Venmo, as well as the three banks that share its ownership, Reports CNBC.
CFPB, which imposes regulations against the financial services industry, claimed in a lawsuit in December 2024 that the institutions did not effectively protect the Zelle users of “widespread fraud”, causing Bank of America, JPMorgan Chase and Wells Fargo to a loss of $ 870 million since the launch of Zelle in 2017.
Organizer presentation She says she rejects her case in court with a bias, which means that she cannot attend her claims again. ” CNBC It also means that there is no way to “restore preparedness for consumer relief”. Zelle, JPMorgan and Consumer Banks Complete have praised the exit data.
The administration of President Donald Trump, including the Ministry of Governmental Efficiency in Elon Musk Close effectively CFPB. The agency was published only One enforcement procedure Since the opening of President Donald Trump, and under the Acting Acting Director Russell, many cases have been made by the leader of the Baiden era, Rohit Chopra. The agency staff are they Fighting currently in court To stop this step, claiming that they were prevented from carrying out the duties of law imposed – including responding to urgent consumer complaints.
