Rep. Marge Roukema, chairwoman of the House Banking Committee's financial institutions subcommittee, plans to hold a hearing in September on legislation that would let banks make disclosures required by federal consumer protection laws over the Internet instead of on paper.
A date has not been set to discuss the Electronic Disclosures Delivery Act of 1999, which Rep. Roukema introduced July 27, along with Reps. Rick Lazio, R-N.Y., and Jay Inslee, D-Wash. The bill covers fair credit, mortgage, Truth-in-Lending, and other disclosures and would require customer permission before on-line notices could be sent.
The Federal Reserve Board last week issued an interim rule that lets banks send savings account statements electronically to customers who request the service. The agency, however, postponed action on on-line disclosures for consumer loans and released a revised proposal. -- Dean Anason