From left to right: Charles Scharf, CEO of Wells Fargo & Co.; Brian Moynihan, CEO of Bank of America Corp.; Jamie Dimon, chairman & CEO of JPMorgan Chase & Co.; Jane Fraser, CEO of Citigroup Global Markets Inc.; William Rogers Jr., chairman & CEO of Truist Financial Corp.; Andy Cecere, chairman, president & CEO of U.S. Bancorp; and William Demchak, chairman, president & CEO of The PNC Financial Services Group Inc., during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, D.C., on September 22, 2022.

Some of Wall Street’s most vocal critics chose a surprising target in a pair of hearings with the CEOs of the nation’s largest banks: Zelle.

U.S. lawmakers pressed the CEOs on reports of fraud and scams on the popular payments network, which has processed more than 5 billion transactions and handled nearly US$1.5 trillion in payments since its inception in 2017. The executives said they are working together to implement new policies to protect consumers using the network.

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