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The regulator said in a court filing this week that it dismissed the action against Early Warning Services, JPMorgan Chase, Bank of America and Wells Fargo “with prejudice”. As a result, the CFPB has agreed to never bring these claims again, shutting off the possibility of clawing back funds for consumer relief.
“Zelle leads the fight against scams and fraud and has industry-leading reimbursement policies that go above and beyond the law,” Khodos said. “The CFPB’s misguided attacks will embolden criminals, cost consumers more in fees, stifle small businesses and make it harder for thousands of community banks and credit unions to compete.”
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