CFPB targets Big Banks in lawsuit over alleged fraud on Zelle

Fri, 20 Dec 2024 23:00:14 +0000

#cfpb #bigbanks #zelle #yahoofinance

The Consumer Financial Protection Bureau (CFPB) has launched a lawsuit against major banks JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo (WFC), along with Zelle's operator Early Warning Services. The bureau alleges these financial institutions failed to adequately protect consumers from fraud, claiming Zelle was launched without sufficient fraud protection measures, and the banks failed to assist customers in recovering stolen funds.
Yahoo Finance reporter Jordan Weissmann analyzes the lawsuit and explores its context within the CFPB's broader oversight of financial services, including its investigations into credit card practices.
To watch more expert insights and analysis on the latest market action, check out more Wealth here.
This post was written by Angel Smith

Yahoo Finance: Market Coverage, Stocks, & Business News
About Yahoo Finance:

Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.

- Get the latest news and data at finance.yahoo.com

- Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)

- Follow Yahoo Finance on social:

X: http://twitter.com/YahooFinance
Instagram: https://www.instagram.com/yahoofinance/?hl=en
TikTok: https://www.tiktok.com/@yahoofinance?lang=en
Facebook: https://www.facebook.com/yahoofinance/
LinkedIn: https://www.linkedin.com/company/yahoo-finance