That is the minimum amount customers of three giant U.S. banks have lost since payments platform Zelle was launched in 2017, according to a lawsuit by the Consumer Financial Protection Bureau.

Earlier this week, the Consumer Financial Protection Bureau (CFPB) announced a lawsuit targeting the big banks that launched Zelle. Zelle was created by big banks in recognition of the rise of ...

Rohit Chopra, the director of the CFPB, joins Ali Velshi to explain why the bureau is so important to the American consumer. “When people come to the CFPB, we require those companies to respond ...

CFPB, the government's consumer financial watchdog agency, alleges customers of the top three banks lost more than $870 million over the seven years that Zelle has been in existence due to the ...

“The nation’s largest banks felt threatened by competing payment apps, so they rushed to put out Zelle,” said CFPB Director Rohit Chopra in a statement. “By their failing to put in place ...

“By their failing to put in place proper safeguards, Zelle became a gold mine for fraudsters, while often leaving victims to fend for themselves,” said CFPB Director Rohit Chopra in a Friday ...

The Consumer Financial Protection Bureau on Friday sued the operator of payment app Zelle, as well as three major banks, alleging they did not do enough to protect consumers from fraud. The CFPB ...