Compliance Q&A: Reg E and Electronic Statement Delivery

Question: For the electronic delivery of a periodic statement under Regulation E, is the bank required to notify a customer that it is available?

Answer: For customers that would like to receive their statements electronically, they must provide E-SIGN consent first–but once they provide that, they no longer need to receive paper statements, and also do not need to receive any sort of notification letting them know that their statements are available as long as everything is adequately disclosed to them in their account-opening E-SIGN documentation.However, it is a common best practice to have “statement is available” notifications sent out via e-mail, as both a courtesy to the customer and a way to demonstrate for the record that the statements were “delivered” to them.

(1) Form of disclosures. Disclosures required under this part shall be clear and readily understandable, in writing, and in a form the consumer may keep, except as otherwise provided in this part. The disclosures required by this part may be provided to the consumer in electronic form, subject to compliance with the consumer-consent and other applicable provisions of the Electronic Signatures in Global and National Commerce Act (E-Sign Act) (15 U.S.C. 7001 et seq.). A financial institution may use commonly accepted or readily understandable abbreviations in complying with the disclosure requirements of this part.


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