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Web Applications and Compliance Resources

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Question: 
We are finally developing a bank website and will have online application forms. What are the compliance requirements for submitting an online application? We are in need of some good resources for internet banking compliance in general, what resources would BOL recommend?
Answer: 

Online applications are subject to the same regulations as paper applications. In addition, if the online application triggers an instant disclosure requirement (HELOCs and ARMs, for example) you must handle it electronically. If you plan to process the loan electonically, and post-application disclosures are necessary, you must first obtain the applicant's informed consent via ESIGN.

First published on BankersOnline.com 10/09/06

First published on 10/09/2006

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