The CFPB seeks to stop the alleged unlawful practices via Zelle, secure redress and penalties, and obtain other relief for consumers, it said in a statement.
What they built became a goldmine for criminals, making it easy for fraudsters to drain accounts while providing insufficient protections for consumers or making them whole for losses.
These banks broke the law by running a payments system that made fraud easy while refusing to help the victims. The CFPB said the banks violated federal law through critical failures.
...the timing of this lawsuit appears to be driven by political factors, aiming to advance consumer protections before a Republican administration takes over.
Collection
[
|
...
]