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#1407801 - 06/24/10 06:34 PM Reg E opt-in confirmation notice
Southern gal Offline
Platinum Poster
Joined: Mar 2008
Posts: 504
TN
How is everyone doing your confirmation notices? I don't see any model language in the reg for this. We've mailed ours opt-in/opt-out notices out, but they did not have confirmation or right to revoke language. Needing some help.

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Operations Compliance
#1407925 - 06/24/10 08:03 PM Re: Reg E opt-in confirmation notice Southern gal
Island Dreaming Offline
100 Club
Joined: May 2009
Posts: 217
midwest
From the Fed. Register:
Confirmation. A financial institution
may comply with the requirement in
§ 205.17(b)(1)(iv) to provide confirmation of
the consumer’s affirmative consent by
mailing or delivering to the consumer a copy
of the consumer’s completed opt-in notice, or
by mailing or delivering a letter or notice to
the consumer acknowledging that the
consumer has elected to opt into the
institution’s service. The confirmation,
which must be provided in writing, or
electronically if the consumer agrees, must
include a statement informing the consumer
of the right to revoke the opt-in at any time.
See § 205.17(d)(6), which permits institutions
to include the revocation statement on the
initial opt-in notice. An institution complies
with the confirmation requirement if it has
adopted reasonable procedures designed to
ensure that overdraft fees are assessed only
in connection with transactions paid after the
confirmation has been mailed or delivered to
the consumer.

We are sending a letter confirming their opt-in choice with instructions on how to revoke it.
_________________________
CRCM

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