E-SIGN Act

What are some protentional consequences of improper E-SIGN consent?

A court could determine the disclosures were never properly delivered and lack of proper disclosures could lead to violations

Does consent apply to one category of records or to all records or disclosures?

Applies only to records that must be in writing

Does consent or confirmation have to be provided electronically?

Member still needs to confirm consent electronically on their own equipment

What are the requirements of the consent process? When should new consent be obtained?

Must obtain affirmative consent before providing a record electronically. If after the member's consent, the credit union changes the hardware or software requirements-and that change creates a material risk the member may not be able to access and retain the electronic disclosures going forward-they need to obtain a new electronic consent from member

Credit unions can retain records in electronic format to satisfy federal record retention requirements if what conditions are met?

Records must accurately reflect the information in the original document, must be accessible and must be capable of being accurately reproduced