The Consumer Financial Protection Bureau is dropping its lawsuit against the company that runs the Zelle payment platform and three U.S. banks as federal agencies continue to pull back on previous enforcement actions now that President Donald Trump is back in office.

A CFPB lawsuit filed in December alleged that customers of JPMorgan Chase, Bank of America, and Wells Fargo have lost more than $870 million collectively since Zelle launched in 2017. Photo illustration by Nikolas Kokovlis/NurPhoto via Getty Images

The CFPB, which enforces regulations against the financial services industry, had claimed in its December 2024 lawsuit that the organizations had not effectively protected Zelle users “from widespread fraud,” causing customers of Bank of America, JPMorgan Chase, and Wells Fargo to lose a combined $870 million since Zelle launched in 2017.