The CFPB’s lawsuit seeks a halt

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Reached by PYMNTS, J.P. Morgan Chase spokesperson Trish Wexler said in an emailed statement that the CFPB is overreaching its authority and making banks accountable for the actions of romance scammers and other criminals. It’s a stunning demonstration of regulation by enforcement, skirting the required rulemaking process, Wexler said. Rather than going after criminals, the CFPB is jeopardizing the value and free nature of Zelle, a trusted payments service beloved by our customers. A Bank of America spokesperson said in a statement emailed to PYMNTS that more than 99.

5% of transactions across the Zelle network phone number qatar go through without incident and that when a client does have an issue, the bank works directly with them. We strongly disagree with the CFPB’s effort to impose huge new costs on the 2,200 banks and credit unions that offer the free Zelle service to clients, the statement said. 23 million Bank of America clients have embraced Zelle, regularly using it to send money to friends, family and people they trust.

Wells Fargo did not immediately reply to PYMNTS’ request for comment. to unlawful conduct, redress for harmed consumers and a civil money penalty, according to the agency’s press release. J.P. Morgan said in a February filing with the Securities and Exchange Commission that it was responding to government inquiries related to Zelle. Wells Fargo later made a similar disclosure. Early Warning said in October that it was deploying user interface updates, new technology and consumer education to fight scams and fraud on the Zelle platform.