john maddente | midwestern clarity

Last year, consumers and small businesses used the free peer to peer online payment platform called  Zelle , to complete $806B worth of transactions.   I n 2023, three billion Zelle payments equated to $100 million  of transaction activity.... per hour .   The Zelle platform owners are seven of our nation's largest banks.  Those banks and over 2000 smaller banks and credit unions -- make Zelle available to customers for simple, instant, fund transfers.  Unfortunately, there are countless bad actors preying on unsuspecting payers.   freepik image In recent years,  consumer watchdog groups , t he Consumer Financial Protection Bureau (CFPB) and politicians like Elizabeth Warren , Sherrod Brown and Maxine Waters  have targeted Zelle's operator,  Early Warning Services, LLC (EWS)  and large bank owners of the platform, for  consumer losses due to fraud.   On December 20th, the  CFPB announced it was suing ...