Bank of America, Wells Fargo are under investigation for handling of customers funds on Zelle
Badria Jabali
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Badria Jabali
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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),?Bank of America?(BAC.N),and Wells Fargo?(WFC.N),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 a U.S. consumer watchdog over the agency's inquiries.
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