Reg DD-TISA Disclosure:Rate/Fee changes VIA EMAIL

Reg DD - TISA Disclosure: Rate/Fee changes VIA EMAIL?

We have customers who are enrolled in E-statement and each of them have done the 'handshake' and have authorized to received statements electronically. The questions is can we send an email to all our e-statement enrollees when there are changes in fees and rates. Our system is not capable of providing a separate notification regarding this concern only the fact that when their statement is available a notification is sent out notifying them of the availability of the statement online. When can I find guidance in regards to this. Thank you in advance,

What you can deliver and any notification requirements when new documents are available should all be addressed in your original E-Sign agreement with the consumer. Without that document, this question cannot be answered.

If the E-SIGN agreement was limited to e-statements, that does not cover the use of email to notify them of changes in fees and rates. However, you would be covered if you gave them the fee and rates notices in the form of statement messages that appear on the e-statements they agreed to.

Thank you rlcarey

Thank you John. Yes, I was doing that yesterday after I message in the forum.

I reviewed the estatement disclosure and agreement and the following was included, see below. Would this suffice? I'm thinking it would but just wanted to run this by and get some response.

"SCOPE OF CONSENT FOR ELECTRONIC DELIVERY OF NOTICES (ENOTIFICATIONS) Your consent to receive notices electronically covers any notice or other type of communication provided to you pursuant to the terms of this Agreement. Delivery of some disclosures in electronic form does not require the Bank to deliver all disclosures or all disclosures of a particular type electronically, including, but not limited to, Privacy Notice, Error Resolution Disclosure required by the Electronic Fund Transfer Act (Regulation E) and Billing Error Disclosure required under the Truth in Lending Act (Regulation Z). We will send an email alert to the email address(es) you provide when your notice or disclosure becomes available for viewing through Online Banking. You agree to maintain/update your email address(es) through Online Banking"

That IMHO is a pretty poorly written agreement. Here is the requirement.

(ii) informing the consumer of whether the consent applies (I) only to the particular transaction which gave rise to the obligation to provide the record, or (II) to identified categories of records that may be provided or made available during the course of the parties’ relationship;

There are no "identified categories" of records. It just says we may or we may not and lists a few examples.

More importantly it mentions nothing about Truth-in-Savings initial disclosures or change of terms notices.

I would recommend sitting down with your legal counsel.