<\/p>\n
The Consumer Financial Protection Bureau (CFPB) has abruptly dropped a lawsuit accusing JPMorgan Chase, Wells Fargo, Bank of America and Zelle of failing to protect consumers from $870 million in losses on the Zelle network over seven years.<\/p>\n
The lawsuit, filed<\/a> in December, alleged Zelle\u2019s parent company and the big banks often left victims of fraud on the instant payments platform to \u201cfend for themselves.\u201d<\/p>\n Today, The CFPB told<\/a> the court that it\u2019s dismissing the action with prejudice, and without an explanation.<\/p>\n The move follows the Trump administration\u2019s efforts to weaken the agency by halting most of its operations, including investigations and rule-making.<\/p>\n The administration\u2019s stance reflects a broader goal of cutting federal bureaucracy, with Trump labeling the agency as a source of \u201cwaste, fraud, and abuse\u201d that has harmed financial institutions.<\/p>\n The CFPB\u2019s lawsuit followed an investigation<\/a> by the Senate\u2019s Permanent Subcommittee on Investigations led by Democratic Senator Richard Blumenthal, who alleged Zelle and the banks routinely fail to adequately protect and reimburse consumers who use the popular network.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n
\n
\nCheck Price Action<\/a><\/span><\/em>
\n
\nFollow us on X<\/a>, Facebook<\/a> and Telegram<\/a><\/span><\/em>
\n
\nSurf The Daily Hodl Mix<\/a><\/span><\/em>
\n<\/p>\n
\nDisclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n