is this a compliant process?
Because this is not a single process relating to a single law/regulation, there can't be a single answer.
One set of Reg E requirements applies when you establish the service -- Section 1005.7, Initial Disclosures. Because you have decided to deliver these initial disclosures electronically, not on paper, you take on a second set of requirements - the ESIGN consent process spelled out by 15 USC 7001.
Since you have also decided to use electronic delivery for statements (required by Section 1005.9) in addition to the initial disclosures, the ESIGN consent must cover both the method of delivery of the up-front disclosures, and also the ongoing delivery of statements. If an identical method is used to place the initial disclosures AND the ongoing statements in the depositor's hands, then ESIGN consent requires a single test drive. However, if the delivery methods are not identical, then ESIGN requires separate test drives of both methods. You have not told us exactly how the initial and statement disclosures reach the customer's eyes.
It's fairly common to mimmick traditional paper-based processes and place the initial disclosures in a separate file (most likely a .pdf document) and link that file to the setup page where the customer is selecting available service options. (To read the content of the .pdf document, the customer must click a link to the document.) If that is the case, then ESIGN requires you to obtain proof (i.e., put the customer through a "test drive") that the customer has the hardware, software, and savvy to access, open, and read the content of this file. You would NOT obtain the necessary proof if the customer only needs to check an "I read it" box. To create proof (the ESIGN "demonstration"), you must require the customer to open and view a test document of the type that will be used to deliver the initial disclosures, AND do something to create evidence of success - retrieve a code, for example.
If statements will be delivered in .pdf files and opened the same way as the file containing the initial disclosures, then one successful test drive will cover both types (initial and periodic) of disclosure document deliveries.
You said:
The document is presented during the online application opening process.
I assume "the document" is a combined service agreement and all of the necessary disclosures required by both Reg. E and ESIGN. Does "presented" mean I have to click to view, or does the document open automatically?
They are not able to proceed with the application unless they acknowledge the disclosure, by checking off.
There's a subtle but important distinction between a "declaration" of success (which I could click without actually seeing the text of the disclosures) vs. "demonstration" of success, i.e., a test drive. When you say "acknowledge the disclosure", do you mean a declaration, or a declaration supported by a successful demonstration?
Once i sign into OLB, i will see the generated e-statement.
Does the e-statement open automatically, or must I click a link to a file containing the statement?