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#1762492 - 11/29/12 08:42 PM E-Sign Disclosure
terpsfan Offline
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When developing a e-sign disclosure for a one time disclosure is it required to put how to withdraw consent or update contact information since there will be nothing going forward?

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eBanking / Technology
#1762569 - 11/29/12 09:39 PM Re: E-Sign Disclosure terpsfan
rlcarey Offline
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You are going to go through the demonstratable consent process for a one time delivery?
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#1762914 - 11/30/12 05:35 PM Re: E-Sign Disclosure terpsfan
terpsfan Offline
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Yes

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#1763165 - 11/30/12 11:48 PM Re: E-Sign Disclosure terpsfan
Andy_Z Offline
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You would need to state that it is limited to this one instance, IMHO. Also, you'll need to worry about various risks here, document what was done, how you verified who it was with, when, etc. in the event whatever your transaction is goes south and you need to go to court. You'll need to retain what was done and almost recreate it. It seems like a lot of work (if done right) for a one-time deal.
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#1763240 - 12/03/12 02:09 PM Re: E-Sign Disclosure terpsfan
terpsfan Offline
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It is for our online banking agreement which contains Reg E required language. When they agree to receive this electronically they do not have to agree to get all other disclosures related to their account electronically.

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#1763629 - 12/04/12 04:16 PM Re: E-Sign Disclosure terpsfan
Andy_Z Offline
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You'd need a full blown agreement and would specify that this is the only disclosure they'll get electronically. But why not expand that and save the costs of delivering other disclosures on paper? There could be changes to this agreement, account change in terms notices, etc.
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#1763793 - 12/04/12 08:16 PM Re: E-Sign Disclosure terpsfan
Margarita Offline
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Wisconsin
In regards to the eStatement disclosure/agreement, I have another twist on this question..........can a bank combine it's Online Banking disclosure and the eStatement disclosure? We will soon launch our new website (new vendor). The bank wants to put the two disclosures into one with one "I agree" or "Accept" button. (Clients are complaining about having two separate agreements.) How I take this is if you enroll for online banking, you also enroll for eStatements. I said this could not be done because you were then requiring the client to enroll in eStatements to get Online Banking. Which would require them to opt out instead of opting in. Is this process allowable?

I am not concerned regarding the demonstratable consent for ESIGN because we have confirmed with the OCC that logging in with their user ID and password to Online Banking demonstrates consent. But I can't get a straight opinion on the combined agreements. We have an attorney who is reviewing our online agreements and said he has never heard of this reasoning. He also states that this is a contractual issue, not a regluatory issie. I totally disagree.

Any thoughts??

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#1763838 - 12/04/12 09:33 PM Re: E-Sign Disclosure terpsfan
Richard Insley Offline
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Margarita-
What regulatory content is part of your
- "Online Banking disclosure?" Reg. E? DD? other?
- "eStatement disclosure?" ESIGN preconsent items? other?

You cannot use an opt-out system for ESIGN consent. For new accounts, you can require e-delivery of statements because the customer still has the option to choose a different type of account if s/he doesn't want e-delivery. Existing accoutholders cannot be forced to accept e-delivery.

You'll have to step me through the OCC "confirmation", including the level and duties of the person who reached that conclusion. I don't see how logging-in demonstrate successful use of your e-delivery system?

I'm confused about your attorney's views. Which "reasoning" does he question, the OCC's position about demonstration? What exactly is he saying is a contractual vs. regulatory issue?
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#1764709 - 12/06/12 06:58 PM Re: E-Sign Disclosure terpsfan
Andy_Z Offline
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I can see a combined disclosure working that makes the Reg E, DD, etc. disclosures and has a section for E-SIGN. Like Richard, I'd have to know more of what is being consented to and how that is similar to actual E-SIGN delivery. If they can logon to your internet banking and read the screens, and that is how e-delivery will happen, you're getting there. But you also have to be concerned with knowing who that customer is, when and how they consented, not because the OCC wants to know, but because the judge over a class action suit will want to know if you are challenged on this later.

The OCC isn't going to represent you in court.
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