The United States Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against JPMorgan Chase, Bank of America and Wells Fargo for failing to protect consumers from alleged “widespread fraud” on the payments platform Zelle.
The lawsuit, filed on Friday, was initiated as the watchdog moves ahead with a bold agenda in the final weeks of President Joe Biden’s Democratic administration in a bid to advance consumer protections before Republican President-elect Donald Trump overhauls the agency. The moves defy congressional Republicans, who have called for agencies to cease rule making.
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