The Consumer Financial Protection Bureau (CFPB) has filed lawsuits against JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co., and the parent company of Zelle, alleging they rushed a peer-to-peer payment network to market without sufficient consumer protections. According to CFPB Director Rohit Chopra, this lack of oversight allowed Zelle to become “a gold mine for fraudsters,” leaving victims to deal with financial losses on their own.
Source: https://www.bloomberg.com/news/articles/2024-12-20/cfpb-sues-jpmorgan-bank-of-america-over-alleged-zelle-fraud