JPMorgan, BofA & Others Face CFPB's Probe Over Zelle Fraud

Amid growing concerns over the handling of customer funds on the popular peer-to-peer payments platform Zelle, the U.S. consumer watchdog is investigating the major banks. The probe, conducted by the Consumer Financial Protection Bureau (“CFPB”), is primarily focusing on JPMorgan (JPM) , Bank of America (BAC) and Wells Fargo (WFC) , among other large banks, to see how these firms manage fraudulent transactions and customer disputes linked to Zelle.Launched in 2017, the Zelle network aimed to be the go-to al ...