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CFPB sues three banks for Zelle fraud protection deficiencies, companies respond
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Banking, Consumer Protection, Nonbank Financial
Friday, December 27, 2024
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Three of the country’s largest banks are being sued by the Consumer Financial Protection Bureau over a lack of effective fraud safeguards around the Zelle payment network. The lawsuit names JP Morgan Chase, Bank of America and Wells Fargo as defendants, as well as the operator of the Zelle payment network.
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