Federal Reserve Publishes Interim Final Rules For Electronic Disclosures

March 29, 2001

The Federal Reserve Board today published interim final rules to establish uniform standards for the electronic delivery of federally mandated disclosures under five consumer protection regulations: B (Equal Credit Opportunity), E (Electronic Fund Transfers), M (Consumer Leasing), Z (Truth in Lending), and DD (Truth in Savings).

Under the rules, financial institutions, creditors, lessors, and others may deliver disclosures electronically if they obtain consumers' consent in accordance with the requirements of the Electronic Signatures in Global and National Commerce Act (the "E-Sign Act"), enacted in June 2000. The Board's interim rules provide guidance on the timing and delivery of electronic disclosures, consistent with proposed rules issued by the Board in August 1999, to ensure consumers have adequate opportunity to access and retain the information.

The rules are being published as interim rules to allow commenters to present new information or views not previously considered in the context of the Board's 1999 proposals. In addition, comment is solicited on the need for the Board to interpret the E-Sign Act's provisions requiring consumer consent to receive electronic disclosures and other provisions. Comment is also solicited on any further statutory or regulatory changes that might be needed to facilitate online delivery of financial services to consumers. Comment is requested by June 1.

Source: Fed / FDIC

Contact ALTA at 202-296-3671 or communications@alta.org.

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