The Clearing House Association L.L.C. (“The Clearing House”) joined other industry associations, the Bank Policy Institute, the American Bankers Association, the New York Bankers Association, America’s Credit Unions, and the New York Credit Union Association, to submit an amicus brief in support of Citibank, N.A.’s appeal to the U.S. Court of Appeals for the Second Circuit of the district court’s holding in New York v. Citibank, N.A. that a wire instruction by a consumer to the consumer’s bank to transfer funds to a beneficiary is subject to the Electronic Fund Transfer Act (“EFTA”).  Amici explain in their brief that the New York Attorney General’s position in the case, adopted by the district court, ignores decades of settled law governing wire-transfer systems, would create uncertainty in the law and negatively impact wire-transfer system participants by depriving them of the protections of Article 4A of the Uniform Commercial Code, and would likely lead to severe contractions in the availability of electronically initiated wire transfers to consumers. To read the court filings, click here.