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The US Consumer Financial Protection Bureau sues Zelle and four of its partner banks
The government agency sued Zelle’s operating company and four of its partner banks (JPMorgan Chase, Bank Of America and Wells Fargo). The CFPB says the service hasn’t done enough to protect consumers from fraud.
The suit claims hundreds of thousands of customers who filed fraud complaints were denied meaningful assistance, with some being told to “contact the fraudsters directly to recover their money.” (Pro tip: Don’t do that.) The CFPB’s misguided attacks will embolden criminals, cost consumers more in fees, stifle small businesses and make it harder for thousands of community banks and credit unions to compete.” Last month, The Washington Post reported that President-elect Donald Trump and Congressional Republicans plan to limit the CFPB’s funding and powers, aligning with the agendas of large financial institutions.
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