The Consumer Financial Protection Bureau on Friday sued JPMorgan Chase, Bank of America and Wells Fargo over their handling of fraud on Zelle, alleging the banks failed to investigate cases and reimburse consumers.
The peer-to-peer payment service was launched by the three banks and four others to compete with Venmo and CashApp. Zelle quickly surged to become the biggest payment app in the U.S. after its creation, according to CNBC.
