THE SENATE PERMANENT SUBCOMMITTEE ON INVESTIGATIONS RELEASES NEW STAFF REPORT ON ZELLE, BANK FAILURES TO PROTECT CONSUMERS
Ahead of hearing with Zelle owner and major banks, Majority staff report unveils stunning lack of consumer protections [WASHINGTON, DC] – Ahead of a hearing with Early Warning Services (EWS) CEO Cameron Fowler and major bank executives, U.S. Senator Richard Blumenthal (D-CT), Chair of the U.S. Senate Permanent Subcommittee on Investigations (PSI), released a majority staff report today detailing the Subcommittee’s findings thus far in its bipartisan inquiry into EWS and the three largest Zelle owner banks, JPMorgan Chase, Bank of America, and Wells Fargo (the “Three Banks”). “Zelle and the big banks who own it know that Zelle’s speed and convenience makes it a target,” said Blumenthal. “They are well aware that, every single day, some of their customers will…
