Dems Urge CFPB To Bolster Cost App Fraud Protections

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By Jon Hill (July 21, 2022, 5:11 PM EDT) — A bunch of Democratic senators is asking on the Shopper Monetary Safety Bureau to push banks to shoulder extra legal responsibility for fraud that happens on peer-to-peer cost platforms like Zelle, arguing that shopper protections round digital funds should be up to date for the digital age.

In a Wednesday letter, Senate Banking Committee Chairman Sherrod Brown, D-Ohio, and 5 of his Democratic colleagues instructed CFPB Director Rohit Chopra that the prevailing regulatory safeguards for victims of fraud on such companies are “unacceptable” and must be strengthened.

“The CFPB ought to ship a robust sign that the company expects banks underneath its supervision to…

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