New York v. Citibank, N.A.
Today, the Bureau has moved to withdraw a court filing styled “Statement of Interest in Support of Plaintiff” in New York v. Citibank N.A., No. 1:24-cv-00659-JPO (S.D.N.Y). The filing sought to advance a new interpretation of the Electronic Funds Transfer Act that would functionally amend Regulation E. The Bureau has concluded that this filing was highly irregular and inappropriate. Agencies cannot amend regulations through litigation filings, which do not give fair notice to regulated parties or follow the requirements of the Administrative Procedure Act. The Bureau thus disclaims the positions advanced in the filing and has moved the Court to withdraw it.
Mark Paoletta
Chief Legal Officer
Read the CFPB’s Motion to Withdraw the Statement of Interest