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JPMorgan Chase is considering legal action against the Consumer Financial Protection Bureau (CFPB) as the agency investigates the bank's handling of the Zelle payment app. The CFPB's inquiry focuses on how JPMorgan, along with other major banks like Wells Fargo and Bank of America, manages scams and fraud associated with Zelle. The investigation is broad, examining whether these banks are doing enough to prevent fraudulent activities and protect consumers. Zelle, a popular peer-to-peer payment platform used by 51% of Americans and owned by several major banks, has come under increased scrutiny due to a rise in scams. The CFPB may seek to impose penalties on JPMorgan following the investigation.
Regulators are investigating biggest U.S. banks for handling of Zelle fraud https://t.co/PCUmWCL5cs via @WSJ | Timely report. This mess with @Zelle has been festering awhile.... @amacker
Big banks under pressure from the CFPB over how they resolve customer payment disputes on Zelle. Very broad investigation. Seems to go beyond Reg E obligations. One open question: what are they doing to flag and shutdown accounts controlled by scammers. https://t.co/tsXxw0RSLC
Scoop: Big banks are under investigation for their response to scams and fraud on Zelle. Regulators are probing if banks do enough to stop bad actors who facilitate Zelle scams, which have proliferated in recent years. https://t.co/7VqSqkTgue w/@AAndriotis @amacker