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CFPB drops lawsuit against Bank of America, JPMorgan Chase and Wells Fargo over Zelle fraud

A federal regulator claimed the banks failed to protect hundreds of thousands of consumers from rampant fraud on Zelle, in violation of consumer financial laws.

A phone shows Zelle app
FILE – Options to use the Zelle payments network are seen on a mobile banking app in New York on Friday, Dec. 20, 2024. (AP Photo/Patrick Sison, File)
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A federal regulator claimed the banks failed to protect hundreds of thousands of consumers.

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