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Weekly Roundup: CFPB Probes Large Banks, Ex-Finance Minister Convicted, and More

The U.S. Consumer Financial Protection Bureau is investigating whether JPMorgan Chase, Bank of America, Wells Fargo and other large banks have adequate policies and controls in place to protect their customers from fraud schemes perpetrated through the Zelle rapid payment platform, The Wall Street Journal reported. More A former finance minister of Mozambique, Manuel Chang, 68, was convicted in Brooklyn of fraudulently helping secure $2 billion in government-backed loans from banks under the guise of supporting his country's maritime and fishing industries, and diverting and laundering $200 million of those funds as bribes and kickbacks to himself and his colleagues....

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