District Circular Letters
September 8, 1999
REGULATIONS B, E, M, Z, and DD:
PROVIDING DISCLOSURES VIA ELECTRONIC MEDIA
To Member and Nonmember Banks,
Bank Holding Companies, and Others Concerned
in the Twelfth Federal Reserve District
Interim Rule Permitting Disclosures via E-Mail or Web Sites--Regulation
DD (Docket
R-1003)
The Federal Reserve Board has published an interim rule to Regulation
DD, which implements the Truth in Savings Act. The rule permits depository
institutions to deliver disclosures on periodic statements to a consumer's
e-mail account or post them on a web site, if the consumer agrees.
The interim rule is effective immediately.
Under an earlier interim rule published by the Board in March 1998, periodic
statements and other disclosures required under Regulation E (which implements
the Electronic Fund Transfer Act) may be delivered electronically if the
consumer agrees. Institutions commonly provide a single periodic statement
that complies with Regulations E and DD. Therefore, this interim rule for
Regulation DD, approved by the Board on August 18, should allow depository
institutions to deliver deposit account statements electronically under
a single set of procedures, and avoid the cost of printing and mailing the
information.
Request for Comment Regarding Electronic Delivery of Disclosures
(Dockets
R-1040 through R-1044)
The Federal Reserve Board has requested comment on revised proposals to
permit electronic delivery of federally mandated disclosures under five
consumer protection regulations: B (Equal Credit Opportunity), E (Electronic
Fund Transfers), M (Consumer Leasing), Z (Truth in Lending), and DD (Truth
in Savings).
Comment is requested by October 29, 1999.
In March 1998, the Board published an interim rule to Regulation E and proposed
changes to Regulations B, M, Z, and DD to permit financial institutions
and others to send electronic disclosures, if the consumer agrees, with
few other requirements. Disclosures may be sent to the consumer's e-mail
address or posted on a web site.
In response to comments, the Board on August 18 approved the publication
of revised and more comprehensive proposals, together with proposed commentary
that would provide guidance on electronic communication. The interim rule
to Regulation E remains in effect.
Copies
Copies of the Board's notices (Docket
R-1003 and Dockets
R-1040 through R-1044) are available from our Corporate Services
Department. To request copies to be sent via mail, please call (415)
974-2748. To request copies to be sent via fax, please call (415)
974-3333, and specify the appropriate document numbers, as follows:
- Docket R-1003 Regulation DD (Interim Rule) 4255
- Docket R-1040 Regulation B (Request for Comment) 4135
- Docket R-1041 Regulation E (Request for Comment) 4136
- Docket R-1042 Regulation M (Request for Comment) 4137
- Docket R-1043 Regulation Z (Request for Comment) 4138
- Docket R-1040 Regulation DD (Request for Comment) 4139
Additional Information
For additional information regarding these matters, please contact our Banking
Supervision and Regulation Department, at (415) 974-2966.
FEDERAL RESERVE BANK OF SAN FRANCISCO
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