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August 17, 2001
To: All Member Banks and Others Concerned in the Third Federal Reserve District
Attention: Compliance Officer
Subject: Interim Final Rules; lifting mandatory compliance date
Financial institutions and others covered by the Board's consumer disclosure rules are currently permitted to provide electronic disclosures if they obtain consumers' consent consistent with the requirements of the federal Electronic Signatures in Global and National Commerce Act (the E-Sign Act), which became effective on October 1, 2000. On March 30 and April 4, 2001, the Board published interim final rules to establish uniform standards for using electronic communication to deliver disclosures required 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). The Board established October 1, 2001, as the mandatory compliance date for the interim final rules. To address commenters' concerns, the Board is considering adjustments to the rules to provide additional flexibility. Therefore, the Board is lifting the mandatory compliance date for the interim rules. Once permanent final rules are issued, the Board expects to afford institutions a reasonable period of time to comply with those rules.
Effective Date: This revision is effective immediately; the October 1, 2001, mandatory compliance date for the interim final rules is lifted.
For Further Information: For additional information, contact the Regulations Assistance Unit at this Reserve Bank at (215) 574-6568.