JPMorgan considers suing consumer watchdog over Zelle

By Nupur Anand

NEW YORK (Reuters) – JPMorgan Chase (NYSE:) said on Friday it is considering whether to sue a U.S. government consumer watchdog over inquiries into the Zelle payment app.

The bank said in a filing it is responding to queries from the Consumer Financial Protection Bureau (CFPB) over Zelle.

The CFPB has informed JPMorgan that the bank can pursue a settlement or face an enforcement action.

“The firm is evaluating next steps, including litigation,” JPMorgan said.

Zelle is owned by seven major banks, including JPMorgan and Bank of America.