TCH, joined by BPI, ABA, and the New York Bankers Association, filed an amicus brief challenging the New York Attorney General’s interpretation of the Electronic Fund Transfer Act (EFTA). New York sued Citibank for failing to follow EFTA’s fraud-related provisions for customers who sent fraudulently induced wire transfers. TCH and the associations argued that New York’s interpretation of EFTA contradicts the text of the statute and settled law that EFTA does not apply to wire transfers. After the CFPB filed an amicus brief in support of New York’s novel EFTA theory, TCH and other trade associations sent the CFPB a letter on June 22 emphasizing that the agency’s brief reflects a complete reversal from its regulations and longstanding positions. 

To read the full brief click here.