Buried in a roughly 200-page quarterly filing from JPMorgan Chase last month were eight words that underscore how contentious the bank’s relationship with the government has become.
The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network. The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims, according to people who declined to be identified speaking about an ongoing investigation.
In response, JPMorgan issued a thinly veiled threat: “The firm is evaluating next steps, including litigation.”
Title is original from site.
Arguably a better title:
Why JPMorgan Chase is prepared to sue the U.S. government over regulation
Zelle is such garbage.
I found out on one bank site that if you filled up all the phone number slots with bogus phone numbers, Zelle couldn’t be activated. Basically try to logjam your bank so Zelle can’t be enabled, so that way it’s more difficult for haxx0rs to do it.
Stupid. Wish it could be 100% blocked on bank accounts if you don’t want to use it as it is a huge security hole.