Will the CFPB lawsuit against major banks and Zelle be resolved by the end of 2025?
Yes • 50%
No • 50%
Court records or official press releases from CFPB or the involved banks
CFPB Sues Major Banks and Zelle's Parent for Allowing Fraud to Proliferate; Customers Lost Over $870 Million
Dec 20, 2024, 04:36 PM
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against JPMorgan Chase, Bank of America, Wells Fargo, and Zelle's parent company, alleging that the firms failed to protect consumers from widespread fraud on the peer-to-peer payment network Zelle. According to the CFPB, customers have collectively lost more than $870 million due to fraud on Zelle since its launch in 2017. The lawsuit claims that the banks, facing competitive pressure from new digital payment apps, rushed to launch Zelle without implementing adequate consumer protections and allowed fraud to proliferate on the platform. The CFPB alleges that the banks failed to properly investigate fraud complaints or reimburse victims, leaving customers vulnerable to financial losses. The lawsuit comes amid an impending change in leadership at the CFPB.
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Yes • 50%
No • 50%
Court ruling in favor of CFPB • 25%
Ongoing litigation • 25%
Court ruling in favor of banks • 25%
Settlement reached • 25%
Banks/Zelle win • 25%
CFPB wins • 25%
Case dismissed • 25%
Settlement reached • 25%
Yes • 50%
No • 50%
Bank of America • 25%
None by end of 2025 • 25%
Wells Fargo • 25%
JPMorgan Chase • 25%
JPMorgan Chase • 25%
Bank of America • 25%
Wells Fargo • 25%
No penalties imposed • 25%
Wells Fargo • 25%
Early Warning Services • 25%
Bank of America • 25%
JPMorgan Chase • 25%
Capital One wins • 25%
CFPB wins • 25%
Case dismissed • 25%
CFPB wins with penalties • 25%
Settlement reached • 25%
No • 50%
Yes • 50%
$500 million to $870 million • 25%
More than $870 million • 25%
Less than $100 million • 25%
$100 million to $500 million • 25%
Current director remains • 25%
New director appointed • 25%
Other leadership change • 25%
Interim director appointed • 25%