The Consumer Financial Protection Bureau on Tuesday dropped its lawsuit against several big banks for failing to safeguard the Zelle payments network from fraud.

During the waning days of the Biden administration in late December, the CFPB, then led by Rohit Chopra, 澳洲幸运5官方开奖结果体彩网:filed a lawsuit against Zelle operator 澳洲幸运5官方开奖结果体彩网:Early Warning Services as well as Bank of America (BAC), JPMorgan Chase (JPM), and Wells Fargo (WFC). The agency alleged the defendants had allowed "fraud to fester on Zelle."

However, the new Trump administration has 澳洲幸运5官方开奖结果体彩网:all but shut down the CFPB recently, closing its headquarters and telling its staff not to work. Under 澳洲幸运5官方开奖结果体彩网:Acting Director Russell Vought, the CFPB has dropped several cases brought by Chopra, including cases against Capital One Financial (COF), Berkshire Hathaway (BRK.A, BRK.B)-owned Vanderbilt Mortgage & Finance, and Rocket Cos. (RKT) unit Rocket Homes Real Estate.

On Tuesday, the CFPB wrote in a filing with the U.S. District Court in Arizona that it "dismisses this action against Defendants Early Warning Services, LLC, Bank of America, N.A., JPMorgan Chase Bank, N.A., and Wells Fargo Bank, N.A., with prejudice."

Investopedia reached out to Bank of America, JPMorgan Ch꧒ase, and Wells Fargo for comment.

“We welcome the CFPB’s decision to drop its lawsuit against the Zelle network. As we’ve said before, this lawsuit was without merit, and legally and factually flawed," a Zelle spokesperson said, adding "we look forward to continuing to provide Zelle, a trusted service, to 151 million enrolled American consumer and small business accounts.”

UPDATE—March 4, 2025: This article has been updated since it was first published to include a statement from a Zelle spokesperson.