The Consumer Financial Protection Bureau today announced it is suing three major banks and Early Warning Services, the bank-owned consortium that runs the popular payment app Zelle. The regulator alleges the group failed to provide adequate protections against fraud on the Zelle network, which lets customers instantly send money between banks and to each other.
In its complaint, the regulator named JPMorgan Chase, Bank of America, Wells Fargo, and Early Warning Services. The latter is also co-owned by Capital One, PNC Bank, Truist, and U.S. Bank, which were not named as defendants.
