CFPB launches major legal action against JPMorgan, BoA over Zelle fraud 🏦; Dave's remarkable turnaround 🐻; Walmart's FinTech ambitions grow: One takes over multi-billion credit card portfolio 💳

FinTech is Eating the World, 20 December

Hey Everyone,

Good morning & happy Saturday! We’re ending another fascinating 5 days of FinTech on a weekend but it’s absolutely worth the wait. This is the last daily issue before the holiday break so make sure you’re all caught up with the latest things that matter ✅ And today is really good as we’re looking into CFPB which just launched major legal action against JPMorgan, Bank of America over Zelle fraud (why this matters & what’s next + bonus deep dives into the latest financials of JPM, BoA, Wells Fargo & many others), the remarkable turnaround of Dave (how it flipped even NVIDIA & what can we expect next + bonus dives into Dave & co), and Walmart which is showing growing FinTech ambitions (what’s the latest move all about, why it matters & what’s next for Walmart and other FinTechs). So let’s just jump straight into the interesting stuff 🌶️

CFPB launches major legal action against JPMorgan, Bank of America over Zelle fraud 😳🏦

The news 🗞️ The Consumer Financial Protection Bureau (CFPB) has initiated a significant lawsuit against three of America's largest banks - JPMorgan Chase JMP 0.00%↑, Bank of America BAC 0.00%↑, and Wells Fargo WFC 0.00%↑ - along with Zelle's operator Early Warning Services, alleging inadequate consumer protection measures on the popular payment platform.

Let’s take a look at this and see why it matters.