TCH filed an amicus brief in support of Citibank’s motion to seek immediate appellate review of a decision by the United States District Court for the Southern District of New York that held the Electronic Fund Transfer Act (EFTA) could apply to consumer wire transfers.  The district court decision upends decades of settled law governing wire transfers and injects significant uncertainty into the legal regime governing consumer-initiated wires.  That uncertainty will be costly to the industry and, if the decision is allowed to stand, ultimately to consumers.  TCH was joined on the brief by the Bank Policy Institute, the American Bankers Association, the New York Bankers Association, America’s Credit Unions, and the New York Credit Union Association.  It follows an earlier amicus brief that TCH and several other trade associations filed in May 2024 in the same case.

To read the full brief, click here.