Is anyone else considering offering an incentive for consumers to agree to electronic statements? We are looking for ways to off set the considerable increase in cost and electronic statements seem to be the best option.

What type of incentive?

Initial ideas all involve a gift card if you receive your statements electronically. I am just thrilled they thought to ask compliance.

What do they plan to do when the customer later says - no, I want paper? The statements, of course, will also have to be delivered within a E-Sign compliant manner.

Good point. I am sure there would be some of those as well as some who try to double dip by going on E-statements then back to paper then back to E-statements...etc.

From the commentary for section 41(c)

3. Electronic distribution. The periodic statement may be provided electronically if the consumer agrees. The consumer must give affirmative consent to receive statements electronically. If statements are provided electronically, the creditor, assignee, or servicer may send a notification that a consumer's statement is available, with a link to where the statement can be accessed, in place of the statement itself.

4. Presumed consent. Any consumer who is currently receiving disclosures for any account (for example, a mortgage or checking account) electronically from their servicer shall be deemed to have consented to receiving e-statements in place of paper statements.

Good catch. I didn't realize that carved out a E-Sign exemption for these.