CFPB Drops Zelle Fraud Reimbursement Case Against JPMorgan, Wells Fargo

The Consumer Financial Protection Bureau dropped its lawsuit against JPMorgan Chase & Co (NYSE:JPM), Wells Fargo & Co (NYSE:WFC) and Bank of America Corp (NYSE:BAC) on Tuesday concerning the banks’ alleged failure to prevent fraud on Zelle. The Trump Administration has wound down CFPB cases in recent weeks.

What Happened: The agency dismissed its case against the banks and Early Warning Services, Zelle’s parent company, CNBC reports. The lawsuit was originally brought in December during the Biden Administration.

The lawsuit alleged that banks did not do enough to …

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