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
Connecticut Attorney General William Tong joined a coalition of states and local governments in filing suit against NHTSA over its rule weakening fuel economy standards for new passenger cars and light trucks. The lawsuit alleges the rule violates the agency’s statutory mandate and the Administrative Procedure Act; no penalty or final remedy is reported.
Connecticut Attorney General William Tong joined a multistate coalition suing the EPA over its repeal of greenhouse gas pollution limits for power plants and separately filed a notice of intent to sue over regulation of existing gas plants. The coalition asks the court to overturn the repeal and restore the protections; the release reports no monetary penalty or final order.
$400.0M
Connecticut Attorney General William Tong announced a $400 million settlement with Sandoz Inc. and Fougera Pharmaceuticals Inc. resolving allegations that the generic drug manufacturers conspired to inflate prices, limit competition, and restrain trade. The settlement includes consumer restitution and injunctive reforms; court approval was being sought.
Connecticut Attorney General William Tong joined a coalition of 21 attorneys general in submitting a comment letter opposing a DHS rule that allows certain affirmative asylum applications to be referred to removal proceedings without an asylum officer interview. The coalition argues the rule violates federal law and harms asylum seekers, including unaccompanied children; this was a policy opposition letter, not a privacy enforcement action.
Connecticut and Massachusetts co-led a coalition protest urging FERC to reject the proposed NextEra Energy-Dominion Energy merger. The coalition argued that the merger could increase market power and threaten energy affordability, reliability, and competition; the release does not report a final enforcement decision or penalty.
Connecticut officials warned residents about potential home improvement scams before an approaching nor’easter, including unlicensed contractors, high-pressure sales tactics, and demands for full payment upfront. The release provides consumer guidance on checking contractors and contract requirements; it does not announce an enforcement action or penalty against a named entity.