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The world of electronic banking continues to evolve and bankers want to keep pace with technology and customer preferences. Recent surveys indicate that 51% of adults in the U.S. bank online and 32% bank with mobile phones. Customers expect more digital access at a time that cybersecurity has become a significant threat. The recent “breach” of 143 million consumer credit reports last year has brought additional scrutiny to compliance with both cybersecurity and consumer protection regulations. How do you balance the consumer demand for online loan applications and satisfy the regulatory disclosure requirements while managing identity theft risk and application fraud?
Learn the steps that must be followed to be in compliance with E-Sign. What additional steps should be taken to verify the customer’s identity in view of an increased risk of identity theft?
- What are the rules? Learn about Federal regulations for E-Sign
- Which lending regulations are related to E-Sign and have specific provisions for compliance?
- Can you provide appraisal copies electronically?
- How do you comply with the “delivery” requirements of Integrated Disclosures for Loan Estimates and Closing Disclosures?
- What are “digital signatures”?
- What are the retention requirements for loan documents?
- Can mortgage statements be provided electronically?
- Can Privacy Notices be provided electronically?
- Common questions, resources, exam procedures
- Learn the Six-Step Process for Consumer Consent
- Basic Steps for E-Sign Implementation
- Tips for cybersecurity and fraud detection of identity theft
This informative recording will be helpful to ensure compliance with e-banking and is targeted for Compliance officers, Lending staff and Loan operations, Operations Managers, and others responsible for managing online banking, E-SIGN compliance, e-statements, and e-disclosures.
Susan Costonis is a compliance consultant and trainer. She began her banking career in 1978 and specializes in compliance management along with deposit and lending regulatory training.
Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.