CFPB Sues Wells Fargo, Chase, and Bank of America Over Unchecked Fraud on Zelle App

The Consumer Financial Protection Bureau has sued Wells Fargo, JP Morgan Chase, and Bank of America over alleged fraud on the Zelle app, accusing the banks of failing to implement proper safeguards when the service was launched in 2017. The lawsuit claims over $870 million in fraud-related losses, with victims often denied relief.