NY Attorney General claims Zelle lacked critical safeguards that led to those huge fraud losses. Zelle called the suit ‘a political stunt.’

According to the New York Attorney General, scammers stole $1 billion from consumers using the Zelle app.The Attorney General’s lawsuit against Zelle says that in 2017, company leaders were so eager to launch a competing payment app,

O ur patchwork system of U.S. state and federal financial regulators is confusing and, at times, redundant. Yet that redundancy means when one regulator is neutered, another can step in. On Friday, an appeals court lifted an injunction that had kept the White House from going ahead with mass filings at the federal Consumer Financial Protection Bureau (CFPB).

Bank of America, JPMorgan and Capital One's Zelle faces a New York lawsuit alleging $1B theft from weak fraud safeguards.

Here’s what else you need to know to get up to speed and on with your day. In a virtual summit with President Trump on Wednesday, European leaders urged him not to make a unilateral Ukraine peace deal during his one-on-one meeting with Russian President Vladimir Putin in Anchorage on Friday.

Today’s Forbes Daily covers the IPO of crypto exchange Bullish, high expectations for rate cuts, New York sues Zelle, how much Trump’s Cabinet is worth and more.