Zelle logo phone Sheldon Cooper/SOPA Images/LightRocket via . The Consumer Financial Protection Bureau has dropped its lawsuit against the operator of peer-to-peer pay

Shares of JPMorgan Chase ( JPM -3.98%), the largest bank in the U.S. by assets, traded nearly 5% lower as of 10:52 a.m. ET. Shares of Wells Fargo ( WFC -4.84%) traded 6.5% lower at that time, while shares of Citigroup ( C -6.25%) were down 7.5%.

It had accused Zelle's operator and owner banks of failing to adequately investigate fraud and refusing to reimburse victims.

Since Acting Director Russell Vought has taken over the CFPB, the agency has dropped at least a half dozen cases brought by his predecessor, Rohit Chopra.

The CFPB has dropped a lawsuit accusing Zelle and its bank backers of failing to clamp down on fraud. It's Trump administration's latest move to drop agency enforcement actions.

The U.S. Consumer Financial Protection Bureau told a federal court on Tuesday it was dropping a lawsuit filed in December against three of the nation's largest banks over their handling of the payment service Zelle,

The Consumer Financial Protection Bureau dismissed another Biden-era lawsuit, this one targeting some of the world’s largest banks for allegedly rushing out a peer-to-peer payment network that then allowed fraud to proliferate.