Academic journal article ABA Banking Journal

Online Products, E-SIGN, and "Demonstrable Consent"

Academic journal article ABA Banking Journal

Online Products, E-SIGN, and "Demonstrable Consent"

Article excerpt

Q. We open most deposit accounts in person. During opening, we demonstrate online banking, discuss electronic statements, introduce mobile apps, etc. If the customer wishes, we enroll them right there. However, if they would like to enroll in electronic delivery of statements and/ or disclosures, we must comply with E-SIGN. That requires that consumers must reasonably demonstrate ability to access and retrieve the electronic disclosures as we send them. I under stand that to mean that customers must utilize their own computers. Sending them home to perform the E-SIGN process seems counterintuitive. Is there any process that could take place entirely in the branch and still comply with E-SIGN?

A. The only qualifying process would involve a consumer's using his own laptop or a tablet in your offices. That would provide demonstrable consent. With more consumers using portable devices, that is certainly an option.

E-Sign requires that there be an electronic process that demonstrates both the consumer's agreement to obtain the records via electronic means and the consumer's ability to electronically receive/access the record. …

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