CFPB sues major banks for fraud

Reuters reported that the US Consumer Financial Protection Bureau (CFPB) on December 20 filed a lawsuit against three US banks, Bank of America, JPMorgan Chase and Wells Fargo, accusing them of failing to protect customers from 'rampant fraud' on the Zelle payment platform.

“These banks broke the law by operating a payment system that facilitated fraud while refusing to help victims,” said CFPB Director Rohit Chopra.

Hundreds of thousands of consumers filed fraud complaints, most of which were denied assistance by the banks, according to the CFPB. Customers of the three banks lost more than $870 million in the seven years since the Zelle platform was introduced, according to the CFPB.

Image of CFPB in Washington DC (USA)

For its part, Zelle said: “The CFPB’s attacks on Zelle are legally wrong, and the timing of this lawsuit appears to be politically motivated.”

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