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5:57Now PlayingThe Donald Trump administration gives a huge gift to scammers as Consumer Financial Protection Bureau is thrown into massive shift as Trump team favors banks and massive companies forcing lawsuits meant to protect consumers for future purchasing standards to be dropped. John Iadarola and Francesca Fiorentini break it down on The Damage Report. Leave a comment with your thoughts below!
Read more here:
Lawsuit Over Zelle Scams Is Dropped by Consumer Bureau
"The Consumer Financial Protection Bureau on Tuesday dismissed a sweeping lawsuit against three of the nation’s largest banks over what the agency had described as shoddy safeguards on their Zelle money transfer network that allowed scammers to steal hundreds of millions of dollars from customers.
The lawsuit, filed in federal court in Arizona in the waning days of the Biden administration, was an example of what the bureau’s critics often denounce as “rule-making by enforcement.” Federal law requires banks to refund customers for unauthorized transactions made on their accounts by someone other than the account holder. But Zelle scams often trick victims into transferring cash themselves."
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