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In today’s banking environment as soon as one big new regulation is implemented another pops up. Our compliance resources help your community bank stay one step ahead of the regulators.
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Consumer must be informed clearly and conspicuously about the following:
any right or option of the consumer to have the record provided or made available on paper or in nonelectronic form, and
the right of the consumer to withdraw the consent to have the record provided or made available in an electronic form and of any conditions, consequences (which may include termination of the parties’ relationship), or fees in the event of such withdrawal
whether the consent applies:
the procedures the consumer must use to withdraw consent and to update information needed to contact the consumer electronically; and
how, after the consent, the consumer may, upon request, obtain a paper copy of an electronic record, and whether any fee will be charged for such copy.
Reference: 15 U.S.C. 7001(c).
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Reference: 12 CFR 1024.17(i)(4).
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