CFPB sues top US banks, says they allowed fraud on payment platform Zelle

(Reuters) - The U.S. Consumer Financial Protection Bureau said on Friday it had filed a lawsuit against JPMorgan Chase (NYSE:JPM ) , Bank of America, and Wells Fargo (NYSE:WFC ), accusing the banks of allowing "fraud to fester" on peer-to-peer payments platform Zelle.

The CFPB in a statement said it was seeking to stop the alleged unlawful practices, secure redress and penalties, and obtain other relief.

Source: Investing.com