U.S. consumer bureau drops lawsuit against top banks over Zelle service

Published 04/03/2025, 19:22
U.S. consumer bureau drops lawsuit against top banks over Zelle service

Investing.com -- The U.S. Consumer Financial Protection Bureau (CFPB) has announced that it is discontinuing a lawsuit against three of the country’s largest banks. The lawsuit, which was filed in December, was related to the handling of the payment service Zelle.

The CFPB had previously accused JPMorgan Chase (NYSE:JPM), Bank of America and Wells Fargo (NYSE:WFC) of not adequately protecting consumers from fraud. The alleged fraud was said to have cost consumers hundreds of millions of dollars.

The decision to drop the lawsuit comes after the agency was virtually closed by President Donald Trump last month. The CFPB has not provided any further details or reasons as to why the lawsuit has been dropped.

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