Answer:
by Brian Crow:
The answer depends on the E-Sign agreement the customer entered into when enrolling for electronic statements and whether the disclosure will be provided in the same format for which the customer provided demonstrable consent.
7001(c)(1)(B)(ii) notes that your E-Sign agreement may have provided a specific type of transaction categories of documents.
(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;
If your consumer only agreed to receive statement electronically, then other disclosure must be provided in writing. If your E-Sign agreement included statements and disclosures, then the annual disclosure could be provided electronically if your customer also provided demonstrable consent for the format in which the disclosure will be provided. If your customer provided consent to receive HTML statements, but the disclosure will be .pdf, then you would also need additional consent from the customer showing they can open the disclosure in .pdf.
As you can see, there are a number of variables involved in providng documents electronically and we cannot provide a definative answer. You will need to review both the agreement and method of delivery to confirm whether or not consumers can receive disclosures electronically.
Answer:
by Randy Carey:
There are no provisions that allow for just a website posting. Any electronic delivery would have to comply wth E-Sign.
1005.8(b) Error resolution notice. For accounts to or from which electronic fund transfers can be made, a financial institution shall mail or deliver to the consumer, at least once each calendar year, an error resolution notice substantially similar to the model form set forth in Appendix A of this part (Model Form A-3). Alternatively, an institution may include an abbreviated notice substantially similar to the model form error resolution notice set forth in Appendix A of this part (Model Form A-3), on or with each periodic statement required by § 1005.9(b).
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