[Code of Federal Regulations] [Title 12, Volume 6] [Revised as of January 1, 2006] From the U.S. Government Printing Office via GPO Access [CITE: 12CFR707.10] [Page 442] TITLE 12--BANKS AND BANKING CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION PART 707_TRUTH IN SAVINGS--Table of Contents Sec. 707.10 Electronic communication. (a) Definition. Electronic communication means a message transmitted electronically between a credit union and a member in a format that allows visual text to be displayed on equipment, for example, a personal computer monitor. (b) General rule. In accordance with the Electronic Signatures in Global and National Commerce Act (the E-Sign Act) (15 U.S.C. 7001 et seq.) and the rules of this part, a credit union may provide by electronic communication any disclosure required by this part to be in writing. (c) When consent is required. Under the E-Sign Act, a credit union must obtain a member's affirmative consent when providing disclosures related to a transaction. For purposes of this requirement, the disclosures required under Sec. Sec. 707.4(a)(2) and 707.8 are deemed not to be related to a transaction. (d) Address or location to receive electronic communication. A credit union that uses electronic communication to provide disclosures required by this part must: (1) Send the disclosure to the member's electronic address; or (2) Make the disclosure available at another location such as an Internet web site; and (i) Alert the member of the disclosure's availability by sending a notice to the member's electronic address (or to a postal address, at the credit union's option). The notice must identify the account involved (if applicable) and the address of the Internet web site or other location where the disclosure is available; and (ii) Make the disclosure available for at least 90 days from the date the disclosure first becomes available or from the date of the notice alerting the member of the disclosure, whichever comes later. (3) Exceptions. A credit union need not comply with paragraph (d)(2)(ii) of this section for disclosures required under Sec. 707.4(a)(2), and need not comply with paragraphs (d)(2)(i) and (ii) of this section for disclosures required under Sec. 707.8. (e) Redelivery. When a disclosure provided by electronic communication is returned to a credit union undelivered, the credit union must take reasonable steps to attempt redelivery using information in its files. (f) Entities other than a credit union. A person other than a credit union that is required to comply with this part may use electronic communication in accordance with the requirements of this section, as applicable. [66 FR 33163, June 21, 2001]