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September 16
S.A.F.E. Act - Auditing for Compliance;
Patricia Cashman

September 22
FinCEN's Beneficial Owners Proposal: What It Can Mean for You;
Sonja Kriegsmann and John Burnett

September 23
Bankruptcy 101;
Sam Ott

September 24
Using CPTED to Make Our Banks Safer;
Dana Turner and Carol Dodgen

September 30
Revised Escrow Rules - Review and Update;
Jack Holzknecht and Mary Beth Guard

October 7
CRA - Digging for Credit;
Patricia Cashman

October 8
Applicants and Applications: Knowing the Players and the Rules;
David Dickinson



Topic Options
#1379767 - 04/22/10 04:10 PM Reg E Opt-in notice & written confirmation
Southern gal Offline
Platinum Poster

Registered: 03/27/08
Posts: 504
Loc: TN
Is there a difference in opt-in notice and written confirmation. We are considering using the Reg E model notice for our opt-in mailing and have the customer return back to us. Will this comply? We are leaving both in opt-in and opt-out sections on the form.

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Operations Compliance
#1380001 - 04/22/10 08:07 PM Re: Reg E Opt-in notice & written confirmation [Re: Southern gal]
Reads Regs Offline
Diamond Poster

Registered: 11/15/04
Posts: 2017
If you modified the model opt-in notice to include language about the consumer's right to revoke the opt-in at any time and how it can be done, then if you provide consumers with a copy of such a notice that they completed then that will serve as written confirmation.

Comment 7 of the OSC to section 205.17(b) of Reg. E states the following:

7. Written confirmation. A financial institution may comply with the requirement in § 205.17(b)(1)(iv) by providing to the consumer a copy of the consumer’s completed opt-in form or by sending a letter or notice to the consumer acknowledging that the consumer has elected to opt into the institution’s service. The written confirmation notice must include a statement informing the consumer of his or her right to revoke the opt-in at any time. To the extent the institution complies with the written confirmation requirement by providing a copy of the completed opt-in form, the institution may include the statement about revocation on the initial opt-in notice.
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Opinions expressed are my own and not necessarily those of my employer. They are not legal advice.

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