'Bank Of America Considering Suing A U.S. Consumer Watchdog Over The Agency's Inquiry Into The Bank's Processing Of Funds Through The Zelle Payment App' - Reuters News
Portfolio Pulse from Benzinga Newsdesk
Bank of America is considering legal action against the Consumer Financial Protection Bureau (CFPB) over an inquiry into its processing of funds through the Zelle payment app. Zelle, a leading U.S. peer-to-peer payment network, is owned by major banks including Bank of America and JPMorgan Chase.
October 29, 2024 | 9:00 pm
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Bank of America is considering suing the CFPB over an inquiry into its processing of funds through the Zelle app, which could lead to legal and regulatory challenges.
The potential lawsuit against the CFPB indicates a significant legal and regulatory challenge for Bank of America. This could lead to increased scrutiny and potential financial or reputational impacts, affecting investor sentiment negatively in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
JPMorgan Chase, a co-owner of Zelle, is also considering legal action against the CFPB, indicating potential regulatory challenges.
JPMorgan Chase's consideration of legal action against the CFPB suggests it faces similar regulatory scrutiny as Bank of America. This could lead to potential legal challenges and affect investor sentiment negatively.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70