CFPB, Federal Agencies, State Agencies, and Attorneys General
Last year, we blogged that Zelle was considering possible solutions for P2P customers on the Zelle Network who were the victims of scams. In an August 30, 2023 press release, Zelle announced that it was initiating new safety measures. It stated:
All banks and credit unions on the Zelle Network® must implement Risk Insights for Zelle®.… Continue Reading
A group of five Democratic Senators have sent a letter to the Federal Reserve, OCC, FDIC, and NCUA asking them to take several steps to protect consumers from scams when using Zelle to transfer money.
The Senators ask the four agencies “to closely review and examine the customer reimbursement and anti-money laundering (AML) practices of depository institutions that participate in the Zelle network.”… Continue Reading
The Wall Street Journal has reported that the seven large banks that own Zelle are discussing possible approaches to fraudulent transactions on the Zelle network. According to the WSJ, the Zelle network rules under consideration would establish network-wide guarantees to reimburse scam victims and create liability sharing agreements, which could go live as soon as January 1, 2023. … Continue Reading
