Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Zelle Emerges as Lawmakers’ Surprise Foe at Bank Hearings (1)

Sept. 22, 2022, 9:22 PM

Some of Wall Street’s most vocal critics chose a surprising target in a pair of hearings with the chief executive officers of the nation’s largest banks: Zelle.

US lawmakers pressed the CEOs on reports of fraud and scams on the popular payments network, which has processed more than 5 billion transactions and handled nearly $1.5 trillion in payments since its inception in 2017. The executives said they are working together to implement new policies to protect consumers using the network.

“Zelle is not safe,” Elizabeth Warren, a Democrat from Massachusetts, said in a heated exchange with the CEOs during ...