CFPB estimates that hundreds of thousands of customers of JPMorgan Chase, Bank of America and Wells Fargo have lost more than $870 million since Zelle launched seven years ago. Those three banks co-own Zelle, along with four other big US banks: Capital One, PNC Bank, Truist and US Bank. “Defendants’ failures resulted in millions of complaints about Zelle fraud at (JP Morgan Chase, Bank of America and Wells Fargo) alone, including complaints of over $290 million in fraud losses by 210,000 Bank of America customers, over $360 million in fraud losses by 420,000 Chase customers, and over $220 million in fraud losses by 280,000 Wells Fargo customers,” the complaint alleges. Chance of the case surviving a change in administrationsThe CFPB suit was filed in one of the last remaining weeks of the Biden administration. What that will mean for the Zelle suit is unclear.

---

Persons: Wells Fargo, Zelle, ”, Rohit Chopra, CFPB, Morgan, ‘, ” Jane Khodos, “ Zelle, Khodos, JPMorgan Chase, Patricia Wexler, ” Wexler, “, Bill Halldin, Wells, Chance, Biden, Donald Trump, Chopra, Trump, Jaret Seiberg, Seiberg Organizations: CNN, Consumer Financial, JPMorgan Chase, Bank of America, PNC Bank, US Bank, Court, District of, Morgan Chase, Chase, Wells, Warning Services, JPMorgan, Financial, Cowen Washington Research Group Locations: Wells, Truist, fraudsters, District of Arizona