- JPMorgan disclosed that the Consumer Financial Protection Bureau could punish the lender for its role in Zelle, the giant peer-to-peer digital payments network.
- In response, JPMorgan issued a thinly veiled threat: “The firm is evaluating next steps, including litigation.”
- The prospect of a bank suing its regulator would’ve been unheard of in an earlier era, according to policy experts, but a combination of factors has created an environment where banks and their regulators have never been farther apart.
- Banks, airlines, pharmaceutical companies and energy firms have found ways to undermine the power of federal agencies, according to legal experts.
Buried in a roughly 200-page quarterly filing from JPMorgan Chase
last month were eight words that underscore how contentious the bank’s relationship with the government has become.
The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network. The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims, according to people who declined to be identified speaking about an ongoing investigation.
In response, JPMorgan issued a thinly veiled threat: “The firm is evaluating next steps, including litigation.”
www.cnbc.com/2024/09/27/jpmorgan-chase-prepared-to-sue-us-government.html
