CFPB sues major banks for fraud.

Reuters reported that the U.S. Consumer Financial Protection Bureau (CFPB) filed a lawsuit on December 20 against three U.S. banks—Bank of America, JPMorgan Chase, and Wells Fargo—alleging they failed to protect customers from "widespread fraud" on the Zelle payment platform.

CFPB Director Rohit Chopra criticized: "These banks have violated the law by operating a payment system that facilitates fraud, while refusing to help the victims."

The China Financial Conduct Authority (CFPB) stated that hundreds of thousands of consumers have filed complaints about fraud, and the majority have been denied assistance by these banks. According to the CFPB, customers of the three banks have lost more than $870 million in the seven years since the Zelle platform was launched.

Images of CFPB in Washington DC (USA)

For its part, Zelle stated: "The CFPB's attacks on Zelle are legally wrong and the timing of this lawsuit appears to be driven by political factors."

Source: https://thanhnien.vn/cfpb-kien-cac-ngan-hang-lon-ve-gian-lan-18524122122062281.htm