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The Consumer Financial Protection Bureau withdrew a court filing in which it previously argued that online-initiated wire transfers are subject to the Electronic Fund Transfer Act and Regulation E.
About the Case:
The state of New York is suing Citibank for not fully reimbursing customers who told the bank that scammers had stolen money by wire transfers.
Citibank has argued that the EFTA doesn’t apply because the law exempts wire services.
Previous CFPB Response: In a brief issued last year, the CFPB said the EFTA excludes only bank-to-bank wire transfers.
Latest from CFPB: In a motion to withdraw its previous statement, the CFPB this week said its previous position was inappropriate, has never been embraced by any federal court prior to the current case, and could impose significant liability on regulated parties without fair notice. Further, the CFPB said, adopting this position within a statement of interest in a proceeding in which it is not a party insulated the bureau’s previous position from judicial review under the Administrative Procedure Act.