JPMorgan considers litigation against consumer watchdog over Zelle

JPMorgan Chase (NYSE:JPM) said it is considering litigation against a U.S. government consumer watchdog over inquiries into the Zelle payment app.

According to a regulatory filing on Friday, the New York-based lender said it is responding to inquiries from the Consumer Financial Protection Bureau (CFPB) regarding the transfers of funds through the Zelle Network.

“The CFPB Staff has informed the Firm that it is authorized to pursue a resolution of the inquiries or file an enforcement action,” the filing said.

“The Firm is evaluating next steps, including litigation,” it added.

Zelle is a payment system owned by seven major banks, including JPM, Wells Fargo and Bank of America.