Latest Compliance 101 entry examines E-Sign Act
The latest entry in America’s Credit Unions’ Compliance 101series covers Title I of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). Enacted in 2000, the E-Sign Act affects credit unions in three main areas: (1) legality of electronic signatures, contracts, and other records; (2) electronic delivery of required disclosures; and (3) record retention.
The legislation does not have an implementing regulation, so credit unions must follow the plain language of the act itself and any guidance addressing it in other regulations.
The Compliance 101 resource also details:
Key definitions;
- Legal validity of electronic signatures and records;
- Consent requirements;
- Changes in hardware or software requirements; and
- Record retention.
The latest entry, and the complete Compliance 101 series, is available for America’s Credit Unions members in the Compliance Library.