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#2240731 - 08/06/20 04:03 PM E-SIGN Update Bill
Andy_Z Offline
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There is a bill to update E-SIGN for the first time in 20 years. Largely what will happen is that demonstrable consent requirements will go away. This will make it much easier for banks to enroll customers. Skeptics will say that customers will be enrolled in eBanking when the customer really couldn't open a statement, or provided a bad email address.

I don't mind seeing DC disappear, but how many times does your customer fail DC which is one reason DC shouldn't go away? I suspect in today's tech savvy times that fewer and fewer people can't get thru the DC process as they are typically simple.
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eBanking / Technology
#2240820 - 08/08/20 04:49 PM Re: E-SIGN Update Bill Andy_Z
Valley girl Online
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Thank you Andy. More than anything, the demonstrable consent annoys our members. They don't want to have to take an extra step at account opening or when updating their contract.

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#2240821 - 08/08/20 07:38 PM Re: E-SIGN Update Bill Andy_Z
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I haven't read the bill, but if it simply eliminates the demonstration (test drive), that would make ESIGN exactly equivalent to the state UETAs. When ESIGN was written, consumer advocates wanted a "100% receipt" standard. Congress gave them a "one time only" standard, and the same organizations will most likely object to a "never" standard.
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#2249357 - 02/18/21 06:51 PM Re: E-SIGN Update Bill Andy_Z
MJ Offline
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In case you want to follow, S.4159 - E-SIGN Modernization Act of 2020. You can set up an alert to notify of changes.

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#2249377 - 02/18/21 09:37 PM Re: E-SIGN Update Bill Andy_Z
rlcarey Online
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Isn't that bill dead unless reintroduced into the 117th Congress?
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#2249384 - 02/18/21 09:58 PM Re: E-SIGN Update Bill Andy_Z
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I believe that with the new Congress, this bill is dead and will need to be resubmitted. It would get a new number as a result.
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#2249430 - 02/19/21 02:46 PM Re: E-SIGN Update Bill Andy_Z
MJ Offline
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Thanks, I learned something new that I probably should have known haha. My thought was since it was calendared it carried over but I guess not.

12/15/2020
Placed on Senate Legislative Calendar under General Orders. Calendar No. 638.
Action By: Senate

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#2249433 - 02/19/21 03:04 PM Re: E-SIGN Update Bill Andy_Z
rlcarey Online
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Once a committee has reported a bill, it is placed on one of the respective chamber’s calendars. These calendars are essentially a list of bills eligible for floor consideration; however, the bills on the calendars are not guaranteed floor consideration. Many will never be brought up on the floor during the course of a two-year Congress. It is also possible, although less common, for a bill to come directly to the floor without being reported and placed on a calendar.
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#2249523 - 02/22/21 05:13 PM Re: E-SIGN Update Bill Andy_Z
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Unfortunately, the same "drop dead" rule doesn't apply to proposed regulations. Issuance of a proposal is usually followed by a final rule and effective date, but not always. Agencies can move rule-making to the back burner indefinitely...and then, one day, out of nowhere...surprise!
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#2249550 - 02/22/21 09:08 PM Re: E-SIGN Update Bill Richard Insley
John Burnett Offline
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Originally Posted by Richard Insley
Unfortunately, the same "drop dead" rule doesn't apply to proposed regulations. Issuance of a proposal is usually followed by a final rule and effective date, but not always. Agencies can move rule-making to the back burner indefinitely...and then, one day, out of nowhere...surprise!


Richard -- We are still waiting for that "surprise" from the Fed in an update of Reg CC. The rule has been out of date for eleven years as of this month. They have floated a couple of proposals (one in 2011) and reactivated one of them, but they don't seem to give it any priority. I think the fire went out on this one with Dodd-Frank.
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