The long-awaited guidance for electronic disclosures has happened - sort of. The Federal Reserve Board considered electronic disclosure requirements for most of the consumer protection regulations at its board meeting on August 18, 1999. The Board considered timing, content, and procedural issues related to disclosures for electronic transactions.
The Board's original approach to electronic disclosures was to move slowly to let the industry and the technology develop without regulatory fetters. However, pressure for guidance and protections is increasing. Consumer advocates want protections; some members of Congress agree, and other members of Congress want the FRB to move faster.
The Board decided to issue a second proposal, together with an interim rule for Regulation DD periodic statements. This decision responded to some of the concerns raised by the Consumer Advisory Council and some members of Congress relating to consumer protections. The proposal contains a sample form for obtaining a consumer's agreement to receive electronic disclosures.
The proposal is now posted on the FRB's website. Go to to find a copy of the document. Click on Open Meeting Memoranda for the document that the Board's staff submitted to the Board. This includes the language that will be published in the Federal Register.
Copyright © 1999 Compliance Action. Originally appeared in Compliance Action, Vol. 4, No. 10, 8/99
First published on 08/01/1999