File Photo: Office of Management and Budget (OMB) Acting Director Russell Vught Testifies Before House Budget Committee on 2020 Budget on Capitol Hill in Washington, Us, MARCH 12, MARCH 12, 2019.
Yuri Gripas | Reuters
The Consumer Financial Protection Bureau on tuesday dismissed its lawsuit Against the operator of the Zelle Payments Network and the three us banks that dominate transactions on it.
The CFPB sued early warning services, Whoch Runs the Peer-to-Peer Payments Network, as well as Jpmorgan chase, Bank of America and Wells fargo In December, Alleging that the firms failed to pro -investigate fraud complants or give Victims reimbursment.
The CFPB “dismisses this Action Against Defendants Early Warning Services, LLC, Bank of America, Na, JPMORGAN Chase Bank, Na, and Wells Fargo Bank, Na, with Prejudice,” The Regulator SAIDIDICE FILING.
Since Acting Director Russell Vuffed has taken over the CFPB, the agency has dropped at least a half dozen Cases brieft by his predacesor, Rohit Chopra.
The CFPB said Customers of the three banks have lost more than $ 870 million since the launch of zelle in 2017. PaypalLast year Zelle crossed $ 1 trillion in total volumesWhich it said was the most ever for a peer-to-peer platform.
This story is developing. Please check back for updates.
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