Last week, the Consumer Financial Protection Bureau sued 3 of the nation's largest banks and the operator of Zelle for failing to protect consumers from widespread fraud on the peer-to-peer payment network,

The CFPB was established when Congress passed and President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law. The statute was enacted to prevent the events that led to the 2008 Great Recession, the most profound economic crash and downturn since the 1929 Great Depression.

The government agency sued Zelle’s operating company and four of its partner banks (JPMorgan Chase, Bank Of America and Wells Fargo). The CFPB says the service hasn’t done enough to protect consumers from fraud.

The Consumer Financial Protection Bureau (CFPB) alleged that various factors, including Zelle's relatively 'limited identification methods', allowed fraud to run rampant.

The U.S. Consumer Financial Protection Bureau said on Friday it filed a lawsuit against JPMorgan Chase, Bank of America and Wells Fargo for failing to protect consumers from alleged "widespread fraud" on payments platform Zelle.

Zelle is used by many people to quickly and conveniently send money electronically from their credit card or bank account.