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Electronic Statement Service: Compliance with E-Sign Act

YourMSR.com's E-Statement Service ensures credit unions adhere to the E-Sign Act by providing electronic disclosures and online statement options. The Act requires proper consent and disclosure location guidelines to be followed. NCUA regulations are also considered for compliance.

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Electronic Statement Service: Compliance with E-Sign Act

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  1. YourMSR.com’sE-Statement Service

  2. Electronic Signature in Global& National Commerce (E-Sign) Act • The E-Sign Act allows credit unions to provide disclosures in an electronic format rather than a written form. • YourMSR.com may provide its client credit unions with the option of posting their members’ statements online instead of mailing them.

  3. Consent The E-Sign Act states that customers must be provided with the following information before they can consent to receiving their statements online: • Any right or option to receive a disclosure in paper form; • Whether the consent applies only to a particular transaction or to other categories;

  4. Consent Cont’d • The right to withdraw consent and how to do so; • How the member may obtain a paper copy upon request; and • Hardware and software requirements.

  5. Location of Disclosure • The credit union may either send the disclosure to the member’s electronic address or make it available at the credit union’s Internet website. • YourMSR.com proposes to offer customers’ statements on the credit union’s website.

  6. NCUA Reg. 707.10(d)(2) • If posting the statement online, this regulation requires: • Alert the member of the disclosure’s availability by sending a notice to the member’s electronic address (or postal address, at the credit union’s option). • Make the disclosure available for at least 90 days.

  7. Other NCUA Regulations • NCUA Reg. 707.10(e) deals with disclosures that are bounced back to the credit union undelivered. • This regulation is not relevant because YourMSR.com will not be sending statements through email. • YourMSR.com’s e-messaging system.

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