Section 7001(e) of Esign Act 15 USC 7001
(e) Accuracy and ability to retain contracts and other records
Notwithstanding subsection (a) of this section, if a statute, regulation, or other rule of law requires that a contract or other record relating to a transaction in or affecting interstate or foreign commerce be in writing, the legal effect, validity, or enforceability of an electronic record of such contract or other record may be denied if such electronic record is not in a form that is capable of being retained and accurately reproduced for later reference by all parties or persons who are entitled to retain the contract or other record.
Reg E requires that periodic statements be in writing. Your risk lies in that the person who does not demonstrate that they can retain the statement, could be deemed to never have been given a written periodic statement - a requirement of Reg E. (electronic statement would not constitute a legal substitution for paper statement)
_________________________
Opinions are my own and not of my employer.