Help! I am totally confused about the rules for the delivery of electronic disclosures since the Fed lifted the mandatory compliance date for their Interim Final Rules issued 3/30/01 and 4/4/01. These 3/01 & 4/01 Interim Final rules subceded the Fed's prior Interim Rules issued in 1998 and 1999. In the Fed's 8/8/01 notice of their withdrawal of the deadline for the 3/01 & 4/01 Interim Final Rules, they clearly stated that the 1998 and 1999 rules remain subceded (withdrawn). So what exactly is in effect at the moment for the delivery of electronic disclosures that I need to be complying with?

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Any opinion stated above is mine alone and not my employer's.

I understand it to mean that the interim/final rules still exist, but the mandatory compliance date is lifted.

That means you may be compliant with portions of these rules, such as working within the E-sign requirements, but that you are not required to use non-proprietary e-mail addresses or re-delivery rules. The latter were exclusively in the proposal.

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Andy Zavoina
Opinions stated are not necessarily that of my employer.

The Fed had no choice but to eliminate the '97, '98 & '99 rules because they are inconsistent with ESIGN and were therefore voided for new customers after 10/1/2000. A late burial is better than none at all.

At the moment you can stick with anything that complies with ESIGN plus your favorite interpretation of the 5 regs in question--provided you can get bank examiners to buy your opinions (or give up and leave you alone until the regs are clear.)

After 10/1/01 you're in the Twilight Zone. Even though they're not mandatory, nothing but the interim e-Regs will exist. Until new e-Regs are proposed, commented upon, reissued, and final, you'll still have to convince your friendly examiner that you aren't violating anything. You'll have to prove a negative unless you plan to comply with the interim e-Regs!

In the imortal words of Alice, "things are getting curiouser and curiouser!"