Rohit Chopra testifies before Congress as CFPB takes legal action against Zelle
Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), testified before the Senate Committee on Banking, Housing, and Urban Affairs in late November 2023, addressing ongoing financial consumer protection issues. Just weeks later, the CFPB escalated its efforts by filing a lawsuit against Zelle, a prominent peer-to-peer payment network, and its three largest operators—JP Morgan Chase, Bank of America, and Wells Fargo—alleging a failure to address fraud and adequately compensate victims. The lawsuit marks a significant move in the CFPB’s broader campaign to hold financial institutions accountable for fraud-related customer losses. According to the bureau, customers of the three…