- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2024-12-23T11:00:00
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.
Zelle, designed by Arizona-based Early Warning Systems, which is owned by the nation’s seven largest banks, was created with the aim to gain entrance into the online “peer-to-peer” money transfer market. The other owners include Capitol One, PNC, Truist, and U.S. Bank.
“By their failing to put in place proper safeguards, Zelle became a gold mine for fraudsters, while often leaving victims to fend for themselves,” CFPB Director Rohit Chopra said.
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2025-03-06T21:04:00Z By Adrianne Appel
The future of the CFPB–and the Trump administration’s efforts to dismantle it–hang in the balance as a federal judge pushed consideration of a request by a federal employees’ union to preserve the agency.
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Capital One promised very high interest rates on millions of savings accounts but the bank didn’t deliver, losing customers more than $2 billion, the Consumer Financial Protection Bureau alleged.
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After dismissing its lawsuit against the crypto exchange Coinbase in March, a second investigation into the exchange by the Securities and Exchange Commission has surfaced, according to a report from the New York Times. This comes as a bit of a surprise after the Trump administration has been scaling down ...
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As the Consumer Financial Protection Bureau steps back from its core mission of protecting American consumers, states like New York and Pennsylvania are stepping up to fill the regulatory void.
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