E-commerceFCA issues guidance to Farm Credit System institutions on their use of electronic commerce (e-commerce). Provided on this page are links to e-commerce guidance provided by FCA and by the Federal Reserve Board, as well as to the Electronic Signatures in Global and National Commerce Act (E-SIGN). In late 1999, FCA issued a Board policy statement on borrower privacy. This policy statement explains how FCS institutions are to protect borrower information, which includes electronic information. E-SIGN (PDF, 14 pages, 130.96 KB) was passed by Congress in 2000 to ensure the validity and legal effect of electronic records and signatures. This act allows businesses like FCS institutions—provided they adhere to certain requirements—to use electronic records and electronic signatures in lieu of paper documents and personal signatures. In April 2002, the FCA Board approved an e-commerce final rule (PDF, 8 pages, 70.422 KB), which explains how E-SIGN affects FCS institutions. The e-commerce final rule resulted from our e-commerce proposed rule (PDF, 7 pages, 64.685 KB) dated October 22, 2001. In addition, Regulations B, M, and Z, which were issued by the Federal Reserve Board, contain sections pertaining to electronic communication and the electronic delivery of disclosures. FCA’s e-commerce regulation (12 CFR § 609.915) requires that System institutions must comply with Regulations B, M, and Z. Regulation B implements the Equal Credit Opportunity Act; Regulation M implements the Consumer Leasing Act; and Regulation Z implements the Truth in Lending Act. Each of these regulations was amended on November 9, 2007. The following PDF files contain the amendments as they were published in the Federal Register:
The amendments are effective December 1, 2007, with a mandatory compliance date of October 1, 2008. FCA has issued Informational Memorandums related to e-commerce since 1999. The following Informational Memorandums are in effect:
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