CFPB amicus in Citibank lawsuit over EFTA wire fraud exemption sparks debate

The Consumer Financial Protection Bureau raised eyebrows when it submitted an amicus brief in a lawsuit filed by the New York attorney general against Citibank, arguing banks are liable for wire fraud under the Electronic Funds Transfer Act. The amicus has raised eyebrows among banking advocates who view the move as the bureau essentially asking a federal court to rewrite the law.