CFPB drops Zelle lawsuit in latest reversal under Trump administration

The Consumer Financial Protection Bureau has dropped its lawsuit over peer-to-peer payment system Zelle, the latest in a series of dismissals from this department under President Donald Trump's administration. The agency had only just announced the suit — filed against Zelle's operating entity Early Warning Services and partner banks JPMorgan Chase, Bank of America and Wells Fargo – in December . According to the initial action, the CFPB said that customers of the three banks had lost more than $870 million during the seven years Zelle has been active. The CFPB made several moves to increase oversight on the financial products offered by tech companies under its previous director, Rohit Chopra. However, the agency is now overseen by Acting Director Russell Vought, who ordered the CFPB to cease all "supervision and examination activity" last month. While employees of the bureau have sued to try to keep the CFPB alive, there have been conflicting messages from government leadership abou ... Read full article.