JPMorgan Chase, Wells Fargo Bank, Bank of America, and the company behind online money transfer app Zelle were sued Friday by the Consumer Financial Protection Bureau for allegedly failing to safeguard Zelle’s network and causing customers to lose $870 million, the CFPB alleged.

Adrianne Appel writes regulatory news, policy, and trends for Compliance Week. She previously reported about policy developments for Bloomberg Law and Bloomberg Government. Email: adrianne.appel@complianceweek.com LinkedIn:...