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The Consumer Financial Protection Bureau (CFPB) has launched a lawsuit against major banks JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo (WFC), along with Zelle's operator Early Warning Services. The bureau alleges these financial institutions failed to adequately protect consumers from fraud, claiming Zelle was launched without sufficient fraud protection measures, and the banks failed to assist customers in recovering stolen funds.
Yahoo Finance reporter Jordan Weissmann analyzes the lawsuit and explores its context within the CFPB's broader oversight of financial services, including its investigations into credit card practices.
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This post was written by Angel Smith
