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.”
Title is original from site.
Arguably a better title:
Why JPMorgan Chase is prepared to sue the U.S. government over regulation
Zelle, owned by Early Warning Services, LLC, owned by Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, US Bank, and Wells Fargo? That Zelle?
Shit sucks don’t use it
I love how every major bank came together to create an alternative to Venmo, but somehow it’s objectively worse. It’s not like Venmo is this grand fountain of quality either.
Zelle is such garbage.
I found out on one bank site that if you filled up all the phone number slots with bogus phone numbers, Zelle couldn’t be activated. Basically try to logjam your bank so Zelle can’t be enabled, so that way it’s more difficult for haxx0rs to do it.
Stupid. Wish it could be 100% blocked on bank accounts if you don’t want to use it as it is a huge security hole.
Lol they’ll charge customers more if they get regulated. But that means they think customers would pay it, which means they think customers could be paying it now but aren’t, which means they aren’t generating as much revenue now for their shareholders as possible, which makes them a Bad Corporation.
Should keep this in mind next time they need a massive bailout
There should be no bailouts without an equivalent equity transfer from the bailee to the government
There should be no bailout. Only buying in
In New York 2140 Kim Stanley Robinson describes the government telling banks that if they want to be bailed out the money spent will be a buyout of the bank, and the government will run it as a credit union.
Seems like the best solution.
I think the bank would operate better if it was nationalized.
To say nothing of how gross that man is.
Anything to avoid being a decent human being…
first thing im doing with a time machine is taking care of james piermont morgan