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New York Sues Zelle Over $1 Billion in Consumer Fraud Losses

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New York Attorney General Letitia James filed a lawsuit against Zelle, claiming the electronic payment platform’s failure to adopt key security measures allowed fraudsters to steal more than $1 billion from consumers. The case was filed in Manhattan state court following the U.S. Consumer Financial Protection Bureau’s decision in March to drop a similar case.

James alleged that Zelle’s parent, Early Warning Services, owned by seven major U.S. banks, knew about the platform’s vulnerabilities for years but resisted implementing safeguards. She said fraudsters exploited the platform through scams such as fake utility bills, nonexistent goods, and impersonating banks, leaving victims without support even after money was stolen.

Zelle responded that fraud occurs when users are tricked into sending money and that over 99.95% of transactions are completed without reported fraud. The company called the lawsuit a “political stunt” and warned that holding it liable could raise consumer fees.

The lawsuit seeks stronger anti-fraud protections and restitution for affected New Yorkers. Previous actions by James include suits against Capital One and settlements with MoneyGram over similar consumer protections issues.

Standard Chartered Launches Joint Venture to Apply for Stablecoin License in Hong Kong

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Standard Chartered (2888.HK) announced on Friday the formation of a joint venture, Anchorpoint Financial, with strategic partners Animoca Brands and HKT (6823.HK) to apply for a license to issue stablecoins in Hong Kong. This move comes shortly after Hong Kong’s stablecoin legislation officially took effect.

Stablecoins are cryptocurrencies pegged to fiat currencies like the U.S. dollar, commonly used for transferring funds within the crypto ecosystem. The newly passed Hong Kong bill, effective August 1, sets a clear regulatory framework for fiat-referenced stablecoin issuers.

Anchorpoint Financial has formally expressed interest to the Hong Kong Monetary Authority (HKMA) in obtaining the stablecoin issuer license. The HKMA anticipates granting the first licenses early next year, signaling a growing institutional push into regulated digital currencies in the region.

Chime Surpasses Revenue Forecasts in First Earnings After Blockbuster IPO

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Chime reported second-quarter revenue that exceeded Wall Street expectations, marking a strong debut earnings report following its highly successful U.S. IPO in June. The digital banking firm generated $528 million in revenue for the three months ended June 30, up 37% from a year earlier and above analysts’ average forecast of $495.2 million, according to LSEG data.

The strong performance was driven by growing demand for Chime’s low-cost, digital-first financial services, which appeal especially to younger U.S. customers seeking alternatives to traditional banks with high fees and limited flexibility. Average revenue per active member rose 12% year-over-year to $245.

Purchase volume, representing transactions through Chime-branded debit and credit cards, increased 18% to $32.4 billion. The company’s CEO, Chris Britt, described the quarter as a “breakout” period, citing accelerating growth, expanding margins, and consistent product execution.

Chime’s offerings include a secured credit card for credit building, early direct deposit access, small-dollar loans, and a deposit sweep program that spreads funds across partner banks. Its payments-based banking model targets everyday Americans who often rely on debit transactions and have limited credit histories.

Gross profit for the quarter rose to $461 million from $333.7 million a year earlier, reflecting both higher transaction activity and consumer resilience in spending despite broader economic uncertainty. Since its IPO, Chime’s shares have risen about 25%, though they experienced minor volatility in after-hours trading.