Margo Tank: Legal and Regulatory Update


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Margo Tank: Legal and Regulatory Update

  1. 1. Electronic Records and Signatures Association Conference November 10, 2011 Experienced Specialized Accomplished Cost-Effective Collaborative
  2. 2. Legal and Regulatory Update <ul><ul><li>Dodd-Frank Act </li></ul></ul><ul><ul><ul><li>Preemption </li></ul></ul></ul><ul><ul><ul><li>Impact on state consumer protection laws </li></ul></ul></ul><ul><ul><li>FHA Mortgagee Letter </li></ul></ul><ul><ul><ul><li>Accept electronic signatures on third party documents originated and signed outside the lender's control (such as real estate contracts) in applications for mortgage insurance. </li></ul></ul></ul><ul><ul><ul><li>Records that do not have to be signed </li></ul></ul></ul>
  3. 3. Legal and Regulatory Update <ul><ul><li>WebSite Accessibility </li></ul></ul><ul><ul><ul><li>Target announced a $6 million settlement with National Federation of the Blind over claims by California class members who attempted to access with screen reader software and encountered access barriers. Settlement includes funds for training of employees responsible for coding and the continued monitoring of the site’s accessibility to blind visitors. </li></ul></ul></ul><ul><ul><ul><li>DOJ released an Advance Notice of Proposed Rulemaking (ANPRM) announcing that it is considering issuing regulations extending the ADA to the web sites of public accommodations and listing 19 questions for public comment to assist in gathering information on possible web accessibility standards. </li></ul></ul></ul><ul><ul><ul><li>DOJ has indicated that the regulations would apply to both web sites with a connection to an actual physical location and web sites that operate exclusively on the World Wide Web. </li></ul></ul></ul><ul><ul><ul><li>The DOJ's 19 questions for public comment cover a wide range of issues on a number of topics affecting the firms that will have to modify their web pages to comply with new web accessibility requirements, such as the time frame for compliance; which technical standards (if any) to adopt; and the costs and benefits of compliance. </li></ul></ul></ul><ul><ul><ul><li>The DOJ will be accepting comments until January 24, 2011. After the deadline for public comment has passed, DOJ will issue proposed regulations for public comment, followed by the final regulations. </li></ul></ul></ul>
  4. 4. Legal and Regulatory Update <ul><ul><li>Mobile Banking </li></ul></ul><ul><ul><ul><li>Agreements </li></ul></ul></ul><ul><ul><ul><li>Disclosures </li></ul></ul></ul><ul><ul><ul><li>Customer copy </li></ul></ul></ul><ul><ul><li>Reasonable Demonstration Requirement </li></ul></ul><ul><ul><ul><li>A consumer must consent electronically in a manner that reasonably demonstrates that the consumer can access information in the electronic form that will be used to provide the information that is the subject of the consent. </li></ul></ul></ul><ul><ul><ul><li>Changes in software and hardware requirements make the reasonable demonstration requirement more difficult. </li></ul></ul></ul>
  5. 5. Legal and Regulatory Update <ul><ul><li>Converting to Paper </li></ul></ul><ul><ul><ul><li>Parties agree upfront that agreement can be converted to paper and that electronic signature after conversion is still valid and binding </li></ul></ul></ul><ul><ul><ul><li>Need for business processes to create paper original and decommission electronic record </li></ul></ul></ul><ul><ul><li>Modifications </li></ul></ul><ul><ul><ul><li>Can you modify a transferable record with a paper agreement? </li></ul></ul></ul><ul><ul><ul><li>Can you modify a paper agreement with a transferable record or other electronic record? </li></ul></ul></ul>
  6. 6. Legal and Regulatory Update <ul><ul><li>Case Law Trends </li></ul></ul><ul><ul><ul><li>Notice </li></ul></ul></ul><ul><ul><ul><li>Affirmative Agreement </li></ul></ul></ul><ul><ul><ul><li>Separation of Signature from Authentication </li></ul></ul></ul><ul><ul><ul><li>Authority </li></ul></ul></ul><ul><ul><ul><li>Proof of Process </li></ul></ul></ul>