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As a loan compliance officer, I was asked to see if the bank could start sending our loan payment, past due, rate change, etc. notices electronically upon request. I’ve verified through my core system which notices are available for eDelivery and that they must be signed up for on-line banking. I’m trying to research to make sure in order to do this, that the consent through on-line banking to receive notices sufficient verification for the e-Sign Act.
The E-Sign Act allows the use of electronic records to satisfy any statute, regulation, or rule of law requiring that such information be provided in writing, if the consumer has affirmatively consented to such use and has not withdrawn such consent. To ensure your institution is compliant you will need to have a process in place that includes the following elements:
Intent to sign, Consent to do business electronically, Opt-out clause, Signed copies, and proper Record retention. More details can be found in each regulators compliance handbook but here are few links to resources:
1. https://www.consumercomplianceoutlook.org/2009/fourth-quarter/q4_02/
2. https://www.fdic.gov/system/files/2024-06/x-3-1.pdf
3. https://www.consumerfinance.gov/rules-policy/regulations/1024/3/
4. https://www.consumerfinance.gov/rules-policy/regulations/1030/3/NOTICE: This email message, including any attachments, is intended only for the addressee, and may contain confidential and privileged information either as protected work product or confidential client information. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the intended recipient, do not read, copy, retain, or disseminate this message or any attachment, and please contact the sender by reply e-mail or at 888.760.5646and destroy all copies of the original message and attachments. Neither the transmission of this message or any attachment, nor any error in transmission or misdelivery shall constitute waiver of any applicable legal privilege.
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