***Time Change*** Blumenthal to Hold Hearing with Zelle Owner & Operator Early Warning Services, Major Banks
[WASHINGTON, DC] – U.S. Senate Permanent Subcommittee on Investigations (PSI) Chairman Richard Blumenthal (D-CT) will hold a hearing titled, “Instant Payments, Instant Losses: Zelle and the Big Banks Fail to Protect Consumers from Fraud,” at 4 PM on Tuesday, July 23. The hearing will feature testimony from Early Warning Services Chief Executive Officer Cameron Fowler and corporate executives of Bank of America, JPMorgan Chase, and Wells Fargo.
In June 2023, PSI opened a bipartisan inquiry into Early Warning Services, the company that operates the Zelle network, and the three largest Zelle owner banks, which will be represented at the hearing. The hearing will scrutinize how banks and Early Warning Services handle fraud and scams on Zelle, which have grown along with the popularity of peer-to-peer payment platforms in recent years. The hearing will include testimony from:
- Cameron Fowler, Chief Executive Officer, Early Warning Services
- Melissa Feldsher, Managing Director, Head of Commerce Enablement, JPMorgan Chase
- Mark Monaco, Head of Global Payment Solutions, Bank of America
- Adam Vancini, Executive Vice President and Head of Payments for Consumer, Small & Business Banking, Wells Fargo
In May, PSI convened a hearing to examine the human toll of scams and fraud on Zelle, which included testimony from two individuals who were victimized by scammers on the platform.
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