Another day, another lawsuit!
https://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-jpmorgan-chase-bank-of-america-and-wells-fargo-for-allowing-fraud-to-fester-on-zelle/
16 replies (most recent on top)
Wells Fargo Risk Management is name only. They are all collecting paychecks for doing absolutely nothing.
The regulators need to punish this criminal bank more.
I am not a big fan of the government red tapes, but ... I think Wells Fargo has been committing way too many regulatory violations compared to other companies (including some serious stuff like fake customer accounts). Something is very wrong with this bank.
@4jdq So this is this a risk management, product design failure?
They are not being sued for fraud. They are being sued for allowing fraud.
Will this CFPB fraud finding affect the lifting of the asset cap? I don't think Elon will eliminate the CFPB. It is funded by the Federal Reserve, the CFSA and indirectly by the fines it collects. Elon is more interested in eliminating the NSTB. It is the agency involved in transportation safety and stands in the way of the robotaxi. Self interest rules.
The Lizard will lose her start up regulatory agency when DOGE is in full swing. This will go away soon as someone else mentioned.
Didn't somebody do some risk management on this?
the banks being sued are the ones who built zelle to begin with. Ultimately this is about protecting people from themselves. If you don't know who you are sending money to then don't send the money.
Lizard has gotta be the worse person currently living on the planet
Wells isn't the only bank that supports Zelle. Why not sue all the other banks and credit unions? Someone must need another vacation home
800M + of Zelle fraud across the big 3 banks is probably acceptable... what the issue exactly?
There's a reason almost every modern scam involves sending money through Zelle.
President-elect Elon might be out of favor by the time January 20th rolls around. Then he'll just be plain old Elon again.
No worries. Elon plans to eliminate CFPB. Lawsuit dismissed.
More government extortion.