JPMorgan considers suing client watchdog over Zelle By Reuters

By Nupur Anand

NEW YORK (Reuters) – JPMorgan Chase (NYSE:) stated on Friday it’s contemplating whether or not to sue a U.S. authorities client watchdog over inquiries into the Zelle fee app.

The financial institution stated in a submitting it’s responding to queries from the Client Monetary Safety Bureau (CFPB) over Zelle.

The CFPB has knowledgeable JPMorgan that the financial institution can pursue a settlement or face an enforcement motion.

“The agency is evaluating subsequent steps, together with litigation,” JPMorgan stated.

Zelle is owned by seven main banks, together with JPMorgan and Financial institution of America.