Elizabeth Warren Sharpens Attack Against Zelle System
- Senator to CFPB: Banks should reimburse scammed consumers
- Lenders say they have pushed to make network more secure
Elizabeth Warren
Photographer: Al Drago/BloombergThis article is for subscribers only.
US Senator Elizabeth Warren is ratcheting up her campaign against the popular peer-to-peer payments system Zelle.
Warren on Wednesday sent a letter to Consumer Financial Protection Bureau Director Rohit Chopra, calling for expanded regulations after she collected private data on rising fraud rates on Zelle from some of the country’s largest banks. Warren, a Democrat from Massachusetts, offered to share the data with Chopra, according to the letter obtained by Bloomberg.