A spokeswoman for the payment app’s parent company said the lawsuit against three large banks was “without merit, and legally and factually flawed.”

The Consumer Financial Protection Bureau has dropped its lawsuit over peer-to-peer payment system Zelle, the latest in a series of dismissals from this department under President Donald Trump's administration.

The Consumer Financial Protection Bureau is dropping its lawsuit against the company that runs the Zelle payment platform and three U.S. banks as federal agencies continue to pull back on previous enforcement actions now that President Donald Trump is back in office.