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.

Shares of JPMorgan Chase ( JPM -5.16%), 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 -6.97%) traded 6.5% lower at that time, while shares of Citigroup ( C -8.20%) were down 7.5%.

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 on Tuesday its lawsuit against the operator of the Zelle payment network and three of the banks that control it, JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC),