Connecticut Attorney General William Tong testified in support of legislation to grant his office investigative authority under the Consumer Financial Protection Act to address widespread consumer complaints following the merger of People’s United Bank and M&T Bank, including issues with account access, unauthorized transactions, and payment processing errors.
In-house legal teams should review vendor and customer agreements with M&T Bank, particularly account servicing contracts, loan servicing agreements, and digital banking platform agreements. Focus on clauses governing account access rights, automatic payment processing, fee disclosures, power of attorney acceptance, and merger integration protocols. Specific changes may include adding clear timelines for system conversions, mandatory notice periods for payment date changes, explicit requirements for honoring pre-existing legal authorities (like POAs), and enhanced dispute resolution mechanisms for merger-related errors. Agreements should also incorporate compliance with Consumer Financial Protection Act standards for handling consumer complaints during integrations.
Entity
M&T Bank
Also known as: M&T
Industry
Financial ServicesOfficial Press Release
https://portal.ct.gov/ag/press-releases/2023-press-releases/attorney-general-tong-seeks-banking-reforms-in-aftermath-of-mt-conversion
ag tmy ba hb 6681 aac oag and dodd frank 22123 f.pdf?rev=125
https://portal.ct.gov/-/media/ag/press_releases/2022/ag-tmy-ba-hb-6681---aac-oag-and-dodd-frank-22123-f.pdf?rev=125bb5d0d95f458e9c60cd322b9dee15&hash=F38D317AE80537839B01A9BAB706E0FD
Connecticut Attorney General Enforcement Page
https://portal.ct.gov/AG/Privacy/Privacy-Resources
$2.0M
Attorney General Tong and a coalition of four other states and the FTC sued Zillow and Redfin after Zillow paid Redfin $100 million to shut down its multifamily rental advertising business and transfer clients to Zillow. The settlement requires the companies to restore competition, with Redfin rebuilding its apartment advertising business, and pay $2 million to the coalition.
Attorney General William Tong sent a letter to the Connecticut Insurance Department urging rejection of double-digit rate increases sought by Anthem, ConnectiCare, and UnitedHealthcare for individual and small group health insurance plans covering about 220,000 people. The letter argues the rates exceed inflationary measures and criticizes the carriers for failing to control costs and for poor claims system management, particularly ConnectiCare's transition to Molina Healthcare.
$275K
Connecticut Attorney General William Tong announced a $275,000 settlement with TaxAct, an online tax preparation company, over allegations that between January 2018 and December 2022, TaxAct improperly disclosed detailed customer financial information to Meta and Google through third-party tracking technologies without notifying taxpayers. The settlement requires TaxAct to pay $275,000 and implement new third-party tracking compliance measures, including a review committee, written policies, a tag monitoring system, and two independent third-party audits.
$4.0M
Connecticut Attorney General William Tong and the Federal Trade Commission announced a $4 million settlement with Manchester City Nissan (Chase Nissan LLC) resolving allegations that the dealership double-charged for 'certified pre-owned' vehicles and collected unauthorized junk fees. The settlement requires payment for consumer redress, prohibits misrepresentations, mandates clear disclosure of the maximum total price, and requires express informed consent for all charges.
Attorney General Tong and a coalition of 21 attorneys general and Pennsylvania filed lawsuits against the U.S. Department of Transportation, FMCSA, and DHS to block demands for the personal information of 17 million CDL drivers. The lawsuits allege violations of federal privacy laws and the Administrative Procedure Act, and seek an emergency order to prevent the data transfer.
Attorney General William Tong and a coalition of 10 attorneys general filed a lawsuit challenging a new OCC rule that preempts state laws requiring national banks to pay interest on homeowners' mortgage escrow accounts. The lawsuit argues the OCC ignored federal court decisions and bypassed safeguards, and seeks to block the rule.