Zelle payment app faces investigation, JP Morgan considers suing regulatory agencies

JPMorgan Chase is considering suing the US consumer regulatory agency over its investigation into the Zelle payment application. Zelle is a leading peer-to-peer payment network in the United States, owned by JPMorgan Chase, Bank of America, and five other major banks. Over 100 million consumers can use Zelle through their Bank of America accounts. The prevalence of fraud and scams on the Zelle website has caught the attention of regulatory agencies. JPMorgan Chase stated that it is evaluating next steps, including litigation. The proportion of consumers from JPMorgan Chase, Bank of America, and Wells Fargo receiving compensation for disputed fraudulent transactions has decreased