ABA Welcomes E-Sign Modernization Bill

The American Bankers Association today welcomed a bill authored by Sens. John Thune (R-S.D.), Jerry Moran (R-Kan.) and Todd Young (R-Ind.) that would streamline how consumers consent to receiving electronic documents, such as bank statements, account information and contracts. The E-Sign Modernization Act would update the 20-year-old E-Sign Act to reflect advancements in technology and shifting consumer preferences. Specifically, the bill would remove the current requirement for consumers to reasonably demonstrate that they can access documents electronically before they can receive an electronic version.

“This legislation will help ensure customers’ requests to access digital banking services are quickly honored, particularly when brick-and-mortar operations are disrupted or customers are temporarily displaced,” said ABA President and CEO Rob Nichols. “This update to one of the landmark laws of the internet age will also mean more widely available and innovative choices for bank customers, including the ability to more easily manage how much paper they receive.”