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ABA: The American Bankers Association
Statement
  • For Immediate Release
  • December 20, 2024

ABA Statement on Latest CFPB Lawsuit

"Americans should be deeply skeptical of the CFPB's lawsuit against the operator of Zelle and participating banks in the final days of this administration. If the Bureau were really interested in protecting consumers rather than playing politics, it could have used its substantial budget over the last four years to work with industry and actually educate consumers on how to protect themselves from the growing threat of fraud as the Dodd-Frank Act envisioned. But instead of focusing on the real bad actors — the criminals and scammers preying on everyday Americans — this CFPB has devoted much of its time, energy and resources to attacking banks, often by exceeding its statutory authority and without considering the harm to consumers.” 

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $24.2 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19.1 trillion in deposits and extend $12.6 trillion in loans.

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