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CFPB drops lawsuit against banks behind payment system Zelle

The CFPB, under acting director Russell Vought, dropped a lawsuit today against three of the largest banks in the U.S. The banks are co-owners of the peer-to-peer payment system Zelle and had been accused of failing to “take meaningful action” against fraud that cost customers $870 million. The banks had denied the allegations in the suit. NBC News’ Brian Cheung reports.