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At industry request, Fed removes e-disclosure compliance date

WASHINGTON-The Federal Reserve Board has announced that it is lifting the Oct. 1, 2001 compliance date for interim rules governing the electronic delivery of particular consumer disclosures. In March the board requested comment on the electronic delivery of federally mandated disclosures in several interim rules including: Regulation B (Equal Credit...

By Staff Writer | Updated on August 14, 2001

WASHINGTON-The Federal Reserve Board has announced that it is lifting the Oct. 1, 2001 compliance date for interim rules governing the electronic delivery of particular consumer disclosures. In March the board requested comment on the electronic delivery of federally mandated disclosures in several interim rules including: Regulation B (Equal Credit Opportunity); Regulation E (Electronic Fund Transfers); Regulation M (Consumer Leasing); Regulation Z (Truth in Lending); and Regulation DD (Truth in Savings). In accordance with the Electronic Signatures in Global and National Commerce Act (E-Sign) enacted in June 2000, financial institutions and others may deliver disclosures electronically with prior consumer consent. Because some commenters, including CUNA and NAFCU, indicated that there are operational issues raised by the requirements of the interim rules, the board lifted the mandatory compliance date for these interim rules. Additionally, CUNA and NAFCU remarked that they felt permitting this type of communication solely through a traditional e-mail address, and not through a system where the consumer can only communicate with the institution, is overly restrictive and would obstruct the expansion of e-commerce. When the final rules are issued, the Fed said that it “expects to afford institutions a reasonable period of time to comply with those rules.”

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