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Zelle Emerges as Lawmakers’ Surprise Foe at Bank Hearings

  • Warren slams Zelle as CEOs vow they’re working on guardrails
  • Dimon warns rates will go ‘much higher’ to tame inflation
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Top Bank CEOs Pressed on Zelle at Hearing
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Some of Wall Street’s most vocal critics chose a surprising target in a pair of hearings with the chief executive officers of the nation’s largest banks: Zelle.

US lawmakers pressed the CEOs on reports of fraud and scams on the popular payments network, which has processed more than 5 billion transactions and handled nearly $1.5 trillion in payments since its inception in 2017. The executives said they are working together to implement new policies to protect consumers using the network.