E-SIGN, It’s Value Pandemic or Not


Presented by:
Andy Zavoina                  
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    More and more banks are implementing electronic delivery and realize how valuable this is during the pandemic. Other banks are considering it as preparation for the "next wave" that may quarantine customers and are also considering it for "low risk" documents like appraisal copies or e-statements. Electronic document delivery is fast and it can be effective, but only if E-SIGN requirements are observed. You can't just turn it on, there are compliance requirements. When the bank has sound E-SIGN procedures it has more control over its e-document delivery and maintenance, more assurance that each party has seen them, and there is less risk to the bank, but only when done right!

Following sound E-SIGN procedures is essential and is not difficult. Done wrong, the bank could have more problems with uncollectable loans, lost collateral, nullification of deposit agreements, massive compliance violations stemming from undelivered disclosures, and more. The bank cannot just have an opt-in or check items off a list and assume it has met all its obligations. The bank must understand the implications of what it is doing and not blindly follow a checklist of steps.

E-SIGN procedures and compliance pillars should include presentation, acceptance and enforceability steps. These are three things the bank must be concerned with when writing E-SIGN procedures. These critical elements are necessary for an enforceable agreement and to avoid criticism from examiners. What is "good enough" for the bank at the time electronic delivery is implemented may not be good enough for a court when the bank enforces an agreement or when examiners question the demonstrable consent process.

In this webinar we will look at--
  • How mistakes with E-SIGN compliance could jeopardize the validity of your contract with your customer;
  • The E-SIGN "hoops" that you must jump through, and for which customers;
  • Five categories of risk relating to your E-SIGN process that you may not have considered;
  • The differences between E-SIGN and the Uniform Electronic Transactions Act (UETA) and why this is important;
  • Selected published court opinions on E-SIGN we can learn from;
  • Common mistakes in E-SIGN compliance;
  • Advantages of e-delivery of your documents and the use of Remote Online Notarization necessary to complete the e-process;
  • Some best practices;
  • And more!
This information will be useful for everyone involved in e-banking, including compliance officers, risk managers, operations managers, business development, management, lenders, and loan operations personnel.

About the Speaker: Mr. Andy Zavoina, CRCM, is an Executive Vice President and Chief Relationship Officer with the Glia Group, Inc., best known for its interest in BankersOnline.com. He joined Glia and BOL in 2003.

Mr. Zavoina has been in finance and banking for 36 years. Over 20 years were with a two-bank holding company which had $534 million in assets, 89 branches spanning Texas and nearly 500 ATMs. He managed loan workouts, has been a consumer, commercial and real estate lender, managing those departments, as well as being his banks first Webmaster. He was responsible for compliance -management, -auditing, and -training for both banks.

Andy is a frequent webinar presenter for BOL Learning Connect and a key contributor to conferences put on by BOL Conferences, Inc. In addition, Andy teaches live presentations at state association schools and regional compliance organizations across the U.S. and has served on the faculty of national banking schools. He has written articles and lectured on many facets of compliance, the use of the internet and technology as a tool, as well as compliance in cyberspace.

As a BankersOnline Guru, Andy assists banks in every day, and not so every day, compliance questions on BankersOnline, BankCompliance.com and other organizations.

Mr. Zavoina is a recipient of the American Bankers Association's Distinguished Service Award for his involvement and accomplishments in the field of regulatory compliance management. He is a past Chairman of the ABA's Compliance Executive Committee, the Editorial Advisory Board for the ABA Compliance Magazine and served as a member of the ABA's Compliance School Board. He also served on the Texas Bankers Association's Compliance Committee.

He is a graduate of the ABA National Commercial Lending School, National Compliance and National Graduate Compliance School and is a Certified Regulatory Compliance Manager with the Institute of Certified Bankers.

You can reach Andy on the Internet by using his e-mail address, andyz@bankersonline.com, or visiting http://www.bankersonline.com.

This program was recorded in its entirety in June 2021. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.

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  • Model: cd_esign0621
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Monday 07 February, 2011.

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