In December a federal regulator sued JPMorgan Chase, Wells Fargo and Bank of America, claiming the banks failed to protect hundreds of thousands of consumers from rampant fraud on Zelle, in violation of consumer financial laws.

The CFPB has dropped a lawsuit accusing Zelle and its bank backers of failing to clamp down on fraud. It's Trump administration's latest move to drop agency enforcement actions.

The CFPB has dropped several cases since the new administration took over The CFPB dropped charges against Zelle, JP Morgan Chase, Wells Fargo and Bank of America (the three largest United States-based banks that make up the most transactions).