Rohit Chopra’s assault on Zelle will create more openings for crooks.

The Consumer Financial Protection Bureau has sued some of the largest U.S. corporations and banks before the changeover to ...

Marianne Lake, CEO of consumer and community banking at JPMorgan Chase, worries most about an uneven playing field, where “as ...

The root of the CFPB’s ineffectiveness is that it believes regulation is the way to fix the banking industry’s problems. To ...

Multibillionaire Elon Musk and California venture capitalist Marc Andreessen have started a debate about the role of ...

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.

“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 ...

Zelle, however, disputes that number. "The CFPB’s headline grabbing number is misleading, as many reported frauds claims are not found to involve actual fraud after investigation," a Zelle ...

“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 ...

The independent agency also sued the operator of Zelle, called Early Warning Services. The CFPB put Zelle-related fraud losses at more than $870 million involving customers at just the three banks ...

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 ...