Skip to content
BOL Conferences
Thread Options
#2222072 - 09/23/19 01:41 PM Online TISA - Content Question
TeamComply Offline
Platinum Poster
Joined: Aug 2016
Posts: 540
We are looking to have our TISA available on our website. Are we required to include a date and interest rate/APY information, or can we simply refer our customers to our rates page of our website for current account rates? Wondering what the regulatory requirement is as far as including a date and rate information within the TISA disclosure. These disclosures would also be given through our online account opening function as well. Thanks.

Return to Top
Deposits and Payments
#2222155 - 09/23/19 08:06 PM Re: Online TISA - Content Question TeamComply
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
You can include a statement like "For current interest rates and annual percentage yields on Magnificent Bank deposit accounts, see our Magnificent Rate Chart," and make it one click away.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#2222165 - 09/23/19 08:39 PM Re: Online TISA - Content Question John Burnett
TeamComply Offline
Platinum Poster
Joined: Aug 2016
Posts: 540
Thanks for the response. If stated the way you suggest, does it matter if the information is "one click away"? As I'm not sure whether or not we have this capability within our online disclosure document. As long as we direct them to the location of the rate information, is that sufficient?

So under Reg. DD (or any other related regulation) there is no requirement to disclosure specific rate information or a date on the account disclosures?

Return to Top
#2222202 - 09/24/19 03:38 PM Re: Online TISA - Content Question TeamComply
BrianC Offline
Power Poster
BrianC
Joined: Nov 2004
Posts: 6,685
Illinois
There is a requirement that the interest rate and annual percentage yield be on the truth in savings disclosure. However, disclosures on a website are permitted to be "one click away" according to the commentary to 1030.8.

9. Electronic advertising. If an electronic advertisement (such as an advertisement appearing on an Internet Web site) displays a triggering term (such as a bonus or annual percentage yield) the advertisement must clearly refer the consumer to the location where the additional required information begins. For example, an advertisement that includes a bonus or annual percentage yield may be accompanied by a link that directly takes the consumer to the additional information.

It's a similar concept to handing a customer a disclosure that doesn't have the interest rate or APY on it because you also hand them a current rate sheet. Reg DD mandates what must be disclosed and when, but it doesn't mandate that it all be on the same page.
_________________________
Sola Gratia, Sola Fides, Sola Scriptura, Solus Christus, Soli Deo Gloria!
www.tcaregs.com

Return to Top
#2222206 - 09/24/19 03:45 PM Re: Online TISA - Content Question TeamComply
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,220
Galveston, TX
These disclosures would also be given through our online account opening function as well. Thanks.

What does this statement mean?
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2222263 - 09/24/19 09:47 PM Re: Online TISA - Content Question rlcarey
TeamComply Offline
Platinum Poster
Joined: Aug 2016
Posts: 540
Customers can open the account online, and this disclosure (TISA) would be one provided to the customer at the time the account is opened online (via an electronic disclosure).

Return to Top
#2222264 - 09/24/19 10:00 PM Re: Online TISA - Content Question TeamComply
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,220
Galveston, TX
I was asking because "can we simply refer our customers to our rates page of our website for current account rates" is not going to work for account opening disclosures.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2222274 - 09/25/19 01:57 PM Re: Online TISA - Content Question rlcarey
TeamComply Offline
Platinum Poster
Joined: Aug 2016
Posts: 540
Ok, can you direct me to where in the regulation it states that the account disclosure is required to include rate information? I would like a regulatory reference to provide mgmt. Thanks!

So, account opening disclosures must include specific rate information, but if we make this disclosure available on our website (just as additional information on our accounts) it can simply refer the customer to our rates page? Just want to be sure I understand this correctly. Thanks again.

Return to Top
#2222275 - 09/25/19 02:02 PM Re: Online TISA - Content Question TeamComply
Skittles Offline
10K Club
Skittles
Joined: Sep 2002
Posts: 13,965
TN
You will find this (and other information) under 1030.4:

(b) Content of account disclosures. Account disclosures shall include the following, as applicable:

(1) Rate information. (i) Annual percentage yield and interest rate. The "annual percentage yield" and the "interest rate," using those terms, and for fixed-rate accounts the period of time the interest rate will be in effect.
_________________________
My Opinions Only

Return to Top
#2222278 - 09/25/19 02:35 PM Re: Online TISA - Content Question TeamComply
BrianC Offline
Power Poster
BrianC
Joined: Nov 2004
Posts: 6,685
Illinois
For advertising under 1030.8 you can use the "one click away" method if you choose to make disclosures available on your website for general viewing.

For an account opening disclosure under 1030.4, all of the required information must be provided during the account opening process and delivered according to E-Sign requirements. You cannot refer me to another page for account opening.
_________________________
Sola Gratia, Sola Fides, Sola Scriptura, Solus Christus, Soli Deo Gloria!
www.tcaregs.com

Return to Top
#2222279 - 09/25/19 02:47 PM Re: Online TISA - Content Question BrianC
TeamComply Offline
Platinum Poster
Joined: Aug 2016
Posts: 540
Got it, thanks for clarifying!!

Return to Top
#2241227 - 08/18/20 11:30 PM Re: Online TISA - Content Question TeamComply
Mel in WA Offline
Diamond Poster
Joined: Mar 2013
Posts: 1,265
We are implementing a new online account opening system and everything on the TIS disclosure will be provided as a PDF, except the rate/APY at opening will be displayed on the screen. I do not think this would be considered "content" as described under 1030.4(b)(1) since it's separate from the PDF and not in a form the consumer can keep.

As an alternative, can we provide a link to our webpage that gives the current rate/APY for the account being opened. Since the account is being opened electronically, does the rate information need to be part of the same document as the other TIS disclosure content (i.e. compounding and crediting, opening deposit, etc.)?

Return to Top
#2241231 - 08/19/20 12:49 PM Re: Online TISA - Content Question TeamComply
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,220
Galveston, TX
First I assume that the PDF is delivered through a compliant E-Sign portal. Second, all of the required the disclosures have to be delivered in writing or the electronic equivalent.

1030.3 General disclosure requirements.

(a) Form. Depository institutions shall make the disclosures required by §§ 1030.4 through 1030.6 of this part, as applicable, clearly and conspicuously, in writing, and in a form the consumer may keep.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2241866 - 09/01/20 03:45 PM Re: Online TISA - Content Question TeamComply
Mel in WA Offline
Diamond Poster
Joined: Mar 2013
Posts: 1,265
So, I am really struggling with my vendor about "in writing and in a form the consumer may keep". The option they are giving us for disclosing rates at account opening is to add a statement in the PDF under rate information that explains to the customer that their rate/APY will be displayed on the screen during the account opening process, which is separate from the other TIS information in the PDF. The only way they can keep the rate information would be to print the screen.

I think this is unacceptable and they think I'm crazy because the customer has completed the ESIGN consent form. Any advice? Sometimes it takes a compliance village to stand up to these vendors. smile

Return to Top
#2252446 - 04/15/21 10:03 PM Re: Online TISA - Content Question Mel in WA
CBIbanker Offline
New Poster
Joined: Feb 2019
Posts: 1
I'm curious as to how you resolved this. We are running into the very same thing as we are trying to roll out our online account opening product. Our TISA disclosure includes everything we need except the current APY.

Return to Top
#2252463 - 04/16/21 02:04 PM Re: Online TISA - Content Question TeamComply
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,179
Toano, VA
This sounds like a system inadequacy that's being "solved" with an excuse by vendor(s).

"Shall make the disclosures in writing" means paper or ESIGN-enabled electronic documents. Section 1030.3(a), OI #1 give a great deal of latitude in the format of Reg DD's required written disclosures, including "Disclosures may be made on more than one document, as long as the documents are provided at the same time."

Echoing Randy's caution that all "e-written" disclosures required by Reg DD must be delivered through an ESIGN compliant portal. That means a mechanism that has been disclosed to the level of detail required by Section 7001(c)(1) of ESIGN, and has been tested and proven to work at the time the consumer gives consent to the use of the portal described in the disclosures. Did you disclose and test the non-pdf part of the "delivery" (the rate info)?

Unless you design the delivery sequence so that it forces the consumer to detour out of the main disclosure (the pdf document) to the current rate information, then you don't know when, if at all, you "delivered" the rate information. From an examiner's point of view, if you can't prove that it happened, it didn't happen.

After solving the "prove it happened" problem, you're still not out of the woods.

It's important to recognize that Reg DD imposes more than the single delivery standard--must be "in writing." Additionally, Section 1030(a) states that this "e-written" document must be delivered "in a form the consumer may keep." ESIGN governs what is a "delivery in writing", but says nothing about the e-documents being capable of retention by the consumer. You must demonstrate compliance with the "retainable by the consumer" part of Reg DD's delivery requirement separately and apart from your evidence of compliance with ESIGN. Since you already have a concern that the only way a consumer can retain a copy of the "rates" information would be to do a screen print, this part of the delivery needs to be fortified.
_________________________
...gone fishing.

Return to Top
#2252539 - 04/17/21 12:11 AM Re: Online TISA - Content Question TeamComply
TryingtoComply Offline
Diamond Poster
Joined: Apr 2013
Posts: 2,199
The West
Nope. That won't work. We provide our TISA as a pdf document that contains all of the required information. It is delivered after the customer has provided their E-Sign Consent. We have set up the system to REQUIRE the TISA be opened before the customer can proceed. It does not include the account number. When the account is approved and opened in our system, we generate an account specific TISA that does include the account number and it is sent to the customer by secure email with our Welcome letter. Our online account opening system does not interface with our platform automation, so this is how we have to do it.
_________________________
TryingToComply
CRCM

Return to Top

Moderator:  John Burnett