The Consumer Financial Protection Bureau is suing America's three largest banks, accusing the institutions of failing to protect customers from fraud on Zelle, the payment platform they co-own.

The Consumer Financial Protection Bureau sued JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. along with the parent company of Zelle alleging the firms rushed a peer-to-peer payment network to market without adequate consumer protections.

The agency said they will seek cash damages to repay consumer losses over fraudulent activity. It claims that customers at the banks lost more than $870 million to fraud since Zelle's inception.