12 C.F.R. § 230.10 Electronic communication.
Title 12 - Banks and Banking
(a) Definition. “Electronic communication” means a message transmitted electronically between a depository institution and a consumer in a format that allows visual text to be displayed on equipment, for example, a personal computer monitor. (b) General rule. In accordance with the Electronic Signatures in Global and National Commerce Act (the E-Sign Act) (15 U.S.C. 7001 et seq.) and the rules of this part, a depository institution may provide by electronic communication any disclosure required by this part to be in writing. (c) When consent is required. Under the E-Sign Act, a depository institution is required to obtain a consumer's affirmative consent when providing disclosures related to a transaction. For purposes of this requirement, the disclosures required under §§230.4(a)(2) and 230.8 are deemed not to be related to a transaction. (d) Address or location to receive electronic communication. A depository institution that uses electronic communication to provide disclosures required by this part shall: (1) Send the disclosure to the consumer's electronic address; or (2) Make the disclosure available at another location such as an Internet web site; and (i) Alert the consumer of the disclosure's availability by sending a notice to the consumer's electronic address (or to a postal address, at the depository institution's option). The notice shall identify the account involved (if applicable) and the address of the Internet web site or other location where the disclosure is available; and (ii) Make the disclosure available for at least 90 days from the date the disclosure first becomes available or from the date of the notice alerting the consumer of the disclosure, whichever comes later. (3) Exceptions. A depository institution need not comply with paragraph (d)(2)(ii) of this section for disclosures required under §230.4(a)(2), and need not comply with paragraphs (d)(2)(i) and (ii) of this section for disclosures required under §230.8. (e) Redelivery. When a disclosure provided by electronic communication is returned to a depository institution undelivered, the depository institution shall take reasonable steps to attempt redelivery using information in its files. (f) Entities other than a depository institution. A person other than a depository institution that is required to comply with this part may use electronic communication in accordance with the requirements of this section, as applicable. [Reg. DD, 66 FR 17803, Apr. 4, 2001]
Title 12: Banks and Banking
PART 230—TRUTH IN SAVINGS (REGULATION DD)
§ 230.10 Electronic communication.
