The Consumer Financial Protection Bureau is dropping its lawsuit against the company that runs the Zelle payment platform and three U.S. banks as federal agencies continue to pull back on previous enforcement actions now that President Donald Trump is back in office.
In December a federal regulator sued JPMorgan Chase, Wells Fargo and Bank of America, claiming the banks failed to protect hundreds of thousands of consumers from rampant fraud on Zelle, in violation of consumer financial laws.
In the federal civil complaint, the CFPB asserted that the banks rushed to get the peer-to-peer payments platform to market without effective safeguards against fraud and then, after consumers complained about being defrauded on the service, largely denied them relief.
How did they drain his account?
I’m not fully sure, the way he described what happened to me made it sound like malware had gotten installed in his Android device, he lost all connection on the phone and money was moved out of his bank account via Zelle to someone in Florida claiming to be a relative.