Final Press Release

FRB: Press Release--Board announces amendments to five regulations...roviding consumer disclosures in electronic form--November 1, 2007

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Press Release

Release Date: November 1, 2007

For immediate release
The Federal Reserve Board on Thursday announced the adoption of amendments to five consumer financial
services and fair lending regulations (Regulations B, E, M, Z, and DD) to clarify the requirements for
providing consumer disclosures in electronic form.
In 2001, the Board published interim final rules to establish uniform standards for the electronic delivery of
disclosures. However, the mandatory compliance date for these rules was later lifted and institutions have
not been required to comply with the 2001 interim final rules.
The amendments, which represent final action on a proposal issued for comment in April, simplify the
Board’s rules by: (1) withdrawing certain portions of the 2001 interim final rules that restate or crossreference provisions of the Electronic Signatures in Global and National Commerce Act (E-Sign Act) and
accordingly are unnecessary; (2) withdrawing provisions of the 2001 interim final rules that may impose
undue burdens on electronic banking and commerce and may be unnecessary for consumer protection; and
(3) adopting certain provisions that provide guidance on the use of electronic disclosures. The mandatory
compliance date is October 1, 2008.
The Federal Register notices are attached.
Federal Register Notices
Regulation B 77 KB PDF | TEXT
Regulation E 63 KB PDF | TEXT
Regulation M 73 KB PDF | TEXT
Regulation Z 116 KB PDF | TEXT
Regulation DD 78 KB PDF | TEXT

http://www.federalreserve.gov/newsevents/press/bcreg/20071101a.htm (1 of 2) [11/9/2007 10:26:48 AM]