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.

The US Consumer Financial Protection Bureau (CFPB) has reportedly notified a federal court in Arizona that it is dismissing the lawsuit lodged in December against three banks over their management of the Zelle payment service.

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,