Hi,

I'm pretty sure this question has been asked, but I couldn't find it.

In regards to Truth in Savings Disclosures (for new account disclosures) Can we email these with the members consent? Consent can not be verbal. And they have to demonstrate their ability to recieve the disclosures. Is this correct and I'm understanding Reg DD and E-SIGN correctly??

Any other tips on emailing disclosures would be appreciated!

Thanks in advance.

Reg DD requires you to make "written" disclosures.

E-SIGN allows those disclosures to be in e-form so long as you have followed 101(c) requirements of E-SIGN for consumer customers. Demonstrable consent is a part of that. You have other disclosures to make, but yes, you are on the right track.

What about emailing the eStatement disclosure? Still need to demonstrate ability?

If your e-statement includes change in terms notices, these are required to be in writing under Reg DD. So yes. It doesn't matter if you push or pull. You just have to set your demonstrable consent method as appropriate. When emailing, you'd also want to encrypt the statement. That adds a whole new procedure.

If your e-statement never includes change notices, then technically you are required to deliver the statement, but the law doesn't say "in writing." But that is a fine line you would likely have to argue with examiners about. You'll have to decide if you'd want that.