US consumer watchdog probes major US banks over Zelle scam, WSJ reports

The Consumer Financial Protection Bureau is investigating major U.S. banks for their handling of customer funds on the peer-to-peer payments platform Zelle Network, the Wall Street Journal reported on Wednesday.

The probe focuses on JPMorgan (JPM.N), opens new tab, Bank of America (BAC.N), opens new tab and Wells Fargo (WFC.N), opens new tab among other large banks, the report said, citing people familiar with the matter.

JPMorgan last week had disclosed in a filing that it was responding to the CFPB’s inquiries regarding Zelle and was considering whether to sue the U.S. consumer watchdog over the agency’s inquiries.

Source: REUTER