It was just sprung on me that we are going to start offering e-statments. I'm putting together a checklist of sorts for compliance requirements. Could you let me know if I'm forgetting something?

First of all, the statments will look exactly the same as the paper version, except they won't be on the stock paper with the Reg E disclosure.

1)The customer has to receive pre consent disclosures with opt-out rights, effect of opting out, how they can obtain hard copies and how they can store the electronic copy.

2)They have to demonstrate consent electronicly. For example, we send an e-mail that says that if they want to recieve electronic statements to reply to this email.

3)We need procedures for notifying the customer when there are changes in hardware and software requirements, undeliverable statements, and providing the error resolution notice.

Anything that I'm missing?

Thanks!

Expanding on your #1, the customer must demonstrate, when agreeing to accept e-disclosures, that the customer can receive them and read them. It's more than just "Yeah, I want to get my statement electronically."

Adding #4, because you don't have Reg. E Error Resolution disclosures on the statement, you need to either add a conspicuous link to each periodic statement ("Click here for important information in case of errors on your account involving electronic transfers" or something similar), linked to a copy of the Reg. E error resolution disclosures; or send a separate annual disclosure using the long form wording, either electronically (if the customer agreed to get ALL disclosures, not just statements, electronically) or by snail mail.

thanks

Also how about your Privacy notice. IF you sent them with a statement how will you handle them with the e-statement.

For disclosures, we opted to post them on our website (both the Reg E disclosure and the privacy notice, as well as other disclosures) and include a link to the disclosure section in our statement notifications.