WASHINGTON — The Federal Reserve Board today issued a request for public comment on proposed amendments to clarify the requirements or certain consumer disclosures in electronic form.
The proposal would amend interim final rules issued in 2001 by withdrawing portions that restate or cross-reference provisions of the Electronic Signatures in Global and National Commerce Act (E-Sign Act) and eliminating provisions that may impose undue burdens on electronic banking and commerce and may be unnecessary for consumer protection, while retaining guidance on the use of electronic disclosures.
The proposal would also implement relevant provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which mandates certain disclosures for online credit card solicitations.
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The comment period ends 60 days after publication in the Federal Register, expected shortly.
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