CFPB dismisses Zelle fraud suit against JPMorgan, BofA, Wells Fargo, CNBC says

The CFPB has dismissed its lawsuit against Early Warning Services, which runs Zelle, as well as JPMorgan (JPM), Bank of America (BAC), and Wells Fargo (WFC), CNBC’s Hugh Son reports. The bureau sued all of the companies in December, claiming that they had failed to properly investigate fraud complaints or reimburse victims of fraud, the author says. Since acting director Russell Vought took over the CFPB, the bureau has dropped at least a half dozen lawsuits that were brought forth by predecessor Rohit Chopra, the author notes.