JP Morgan, Wells Fargo, BofA facing US lawsuit over Zelle payments

NEW YORK CITY, New York: JPMorgan Chase, Wells Fargo, and Bank of America are facing a federal lawsuit filed by the Consumer Financial Protection Bureau (CFPB), alleging the banks failed to protect customers from widespread fraud on the Zelle payment network.

The CFPB claims the banks violated consumer financial laws by neglecting to implement adequate safeguards and denying relief to defrauded customers.

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