Chase Bank Wire Transfer Fraud
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NY Attorney General Sues Citibank For Failing to Protect Fraud Victims
1/30/24
New York State Attorney General Letitia James filed a lawsuit in federal court against Citibank for allegedly failing to protect customers from electronic fraud and reimburse victims. "There is no excuse for Citi's failure to protect and prevent millions of dollars from being stolen from customers' accounts," said Ms. James.
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The lawsuit asked Citibank to disgorge profits, pay a $5,000 fine for each instance in which it violated the law, and appoint a third-part monitor to identify all customers who were harmed. "Banks are supposed to be the safest place to keep money, yet Citi's negligence has allowed scammers to steal millions of dollars from hardworking people," James said in a statement.
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Link to Press Release from NY AG James
State AGs Urge Feds To Force Banks to Cooperate With Their Investigations
12/8/23
A coalition of 21 state Attorneys General wrote letters urging federal regulators to force nationally chartered banks to cooperate with AGs' investigations into violations of state laws. The AGs urged the Office of the Comptroller of the Currency to issue supervisory guidance, and the Consumer Financial Protection Bureau to "take appropriate action to make clear to the Banks that (not cooperating with state AG investigations) created a material risk that may give rise to unfair or abusive acts or practices."
The coalition alleged that national banks often decline such cooperation, despite being required to do so by the Dodd-Frank Act. "Big banks should not be able to evade investigations by state Attorneys General. Unfortunately, we've seen that happen time and again. Today, my fellow attorneys general and I are emphatically saying: No more," said California Attorney General Rob Bonta.
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Letter from 21 AGs to Comptroller of the Currency
https://ag.ny.gov/sites/default/files/letters/multistate-ltr-to-occ.pdf
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