WASHINGTON (6/12/13)--Key credit union questions regarding the Electronic Signatures in Global and National Commerce (ESIGN) Act are answered in the May/June edition of the Credit Union National Association's CompBlog Wrap-Up
ESIGN imposes special requirements on businesses that use electronic records or signatures in consumer transactions, and requires certain disclosures to be provided to consumers before an electronic document can be "signed" online or an electronic transaction can be completed.
Topics addressed in the ESIGN Q&A section include:
- Digital signature and home banking platforms;
- How credit union members can consent and/or confirm their consent electronically;
- The ESIGN disclosures credit unions must provide before obtaining a member's consent to receive electronic records;
- E-statement opt-ins and other disclosure issues;
- Whether credit unions are required to redeliver returned e-mail messages; and
- How long credit union websites must maintain copies of e-statements online.
- Other Q&A entries address issues affecting mobile home loans and construction loans.
In the Wrap-Up
, CUNA Federal Compliance Counsel Colleen Kelly and Federal Compliance Information & Research Manager Nancy DeGrandi also present the newest developments in the Consumer Financial Protection Bureau's ongoing mortgage revision work. The Wrap-Up
also features details on new CFPB compliance resources and the Financial Crimes Enforcement Network's latest information for financial institutions.
And, as it does every month, the CompBlog Wrap-Up
lists the upcoming effective dates of new regulations, important compliance articles and reports to read, as well as CUNA training programs.
For more of the CUNA CompBlog Wrap-Up
, and other compliance gems, use the resource links.