TCH filed an amicus brief in the U.S. Court of Appeals for the Second Circuit in support of immediate appellate review of a district court decision holding the Electronic Fund Transfer Act (EFTA) could apply to consumer wire transfers.  The U.S. District Court for the Southern District of New York had previously agreed to certify its decision for immediate appellate review, following a TCH amicus brief supporting such review.  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 court filings, click here.