The American Bankers Association this week welcomed the re-introduction of a bill authored by Sens. John Thune (R-S.D.), Jerry Moran (R-Kan.), Todd Young (R-Ind.) and Marsha Blackburn (R-Tenn.) that would streamline how consumers consent to receiving electronic documents, such as bank statements, account information and contracts. The bill was previously passed by the Senate Commerce Committee in the last Congress.
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.
“Now more than ever, consumers want choices that allow them to manage their financial lives using digital banking channels,” said ABA President and CEO Rob Nichols. “Senators Thune, Young, Blackburn and Moran’s introduction of the E-Sign Modernization Act is an important step toward ensuring Americans have access to more financial options.”