Payments giant Zelle is being hit with a lawsuit from New York's attorney general for alleged widespread security failures that harmed its users.

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

Attorney General James claims EWS violated New York law and is asking for restitution and damages for all New Yorkers harmed by scams on Zelle. “I look forward to getting justice for the New Yorkers who suffered because of Zelle’s security failures,” James said in the press release.

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.