WASHINGTON — CUNA and NAFCU commended the Federal Reserve Board for proposing to withdraw unnecessary e-commerce regulations.
The rules to be withdrawn cover how electronic disclosures can be provided by credit unions and others as required under Regulation B (the Equal Credit Opportunity Act), Regulation E (the Electronic Fund Transfer Act), Regulation M (the Consumer Leasing Act), Regulation Z (the Truth in Lending Act), and Regulation DD (the Truth in Savings Act).
CUNA's letter stated, "We agree that for applications and solicitations that are accessed electronically, consumer consent should not be required before providing the disclosures that accompany these applications and solicitations." It also said that CUNA appreciates the forward thinking of the proposal.
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