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Zelle needs to fix ‘significant scams and fraud,’ lawmakers say

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Summary
Nutrition label

74% Informative

Banks facing renewed pressure to protect their customers from scams on Zelle , the payment network owned by JPMorgan , Wells Fargo , Bank of America , Capital One , and other big banks.

Last year , the Consumer Financial Protection Bureau sued the banks over claims they “rushed” Zelle ’s launch in 2017 and failed to protect customers from “widespread fraud,” which resulted in more than $870 million lost to scams.

The CFPB dropped its Zelle lawsuit in March after President Donald Trump 's administration began dismantling the agency.

VR Score

75

Informative language

73

Neutral language

64

Article tone

formal

Language

English

Language complexity

58

Offensive language

not offensive

Hate speech

not hateful

Attention-grabbing headline

not detected

Known propaganda techniques

not detected

Time-value

short-lived

Source diversity

1

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