Thursday, 3 July, 2025
Lawmakers Pressure Big Banks to Tackle Zelle Scams or Face Action
Senators Elizabeth Warren, Richard Blumenthal and Rep. Maxine Waters have sent letters to major banks—JPMorgan Chase, Bank of America, Wells Fargo, Capital One—demanding detailed responses on recurring Zelle scams, many sourced via social media, and their reimbursement policies. This follows a 2023 CFPB lawsuit claiming rushed launch and inadequate fraud protections that led to over $870 million in losses.
Read full story at The Verge