Consumer Financial Protection Bureau lawsuit against banks over Zelle payments

SOURCE www.breitbart.com
CFPB dropped its lawsuit against Bank of America, JP Morgan Chase, and Wells Fargo over handling of Zelle payments, citing widespread fraud concerns.

Key Points

  • CFPB dropped lawsuit against major banks over Zelle payments
  • Concerns raised about rush in launching Zelle to compete with other payment apps
  • Allegations of failure to protect consumers from fraud on peer-to-peer network

Pros

  • CFPB addressing concerns of widespread fraud on Zelle
  • Protection of consumers from potential financial risks

Cons

  • Dismissal of cases with prejudice may prevent further legal actions against the banks