2025 Regulatory Summit

Takeaways

The Board and retailers will likely appeal in each case, setting up a showdown in the Sixth and Eighth Circuits.

Chevron’ s absence magnifies judicial philosophy. With no deference, how a judge frames Congress’s grant of authority becomes outcome-determinative .

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New York v. Citibank

• Core issue: Does EFTA cover wires? • NY AG: Citi violated EFTA & Reg. E by – requiring affidavits before investigating fraud, and – failing to provisionally credit stolen funds. • Stakes: Could expand EFTA’s reach into wire transfers, creating new liability risks.

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