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.
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.
2025-01-14T19:58:00Z By Adrianne Appel
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.
2024-09-27T13:36:00Z By Adrianne Appel
U.S. and European law enforcement agencies have announced sanctions against two Russia-linked cryptocurrency platforms in their ongoing chase to snuff out Russian-linked financial platforms that assist cybercriminals.
2025-07-14T20:27:00Z By Oscar Gonzalez
The U.S. Federal Trade Commission said it has settled with telemedicine service Southern Health Solutions, Inc. over allegations the company used deceptive pricing and weight-loss claims, along with fake reviews and testimonials, to sell its weight-loss programs.
2025-07-14T15:36:00Z By Ruth Prickett
Serious bullying and harassment count as misconduct in regulated financial services firms, per a July 1 clarification by the U.K. Financial Conduct Authority, which said non-financial misconduct rules now applied only to banks will extend to 37,000 more firms starting September 1, 2026.
2025-07-11T21:14:00Z By Oscar Gonzalez
The U.S. Department of Justice arppoved T-Mobile’s acquisition of competitor UScellular. The move came a day after T-Mobile announced it had dropped its diversity, equity, and inclusion programs, a frequent target for Trump’s administration.
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