Legislative Update with Jay Kruse
by Jay Kruse
Chief Advocacy Officer
7/15/2020

Good Morning!

 

The Senate remains in recess this week, and the House continues to focus on committee work. As we have discussed over the last few weeks, negotiations regarding additional relief measures continue behind the scenes. Two weeks ago, I highlighted Sen. Cramer’s (R-ND) recently introduced legislation, S. 4117, the Paycheck Protection Small Business Forgiveness Act, which you can read here. This week, I want to bring your attention to another important bill, recently introduced by Sen. John Thune (R-SD).

 

E-SIGN Modernization Act.

 

S. 4159, the E-SIGN Modernization Act would streamline how members consent to receiving electronic documents like statements, account information, disclosures, and contracts. Senator Thune was joined by fellow members of the Senate Committee on Commerce, Science, and Transportation, Sen. Jerry Moran (R-Kan.) and Todd Young (R-Ind.), introducing this legislation. “As technology continues to advance and transform, so too should the laws that govern it,” said Thune. “Computers, smart phones, and other devices are more reliable and accessible than ever before. This legislation makes necessary updates to E-SIGN to reflect these advancements in technology and make it easier for consumers to receive documents electronically.”

 

One outdated requirement that was included in the original E-SIGN Act requires members to reasonably demonstrate their ability to access documents electronically before actually receiving an electronic document. The E-SIGN Modernization Act would remove this requirement, meaning once a member is provided with disclosure information and consents to receiving documents electronically, he or she can obtain the documents electronically without demonstrating their ability first. If a member has problems accessing electronic documents or later determines that is no longer their preference, consent may be withdrawn. We thank Senator Thune for his leadership to continue to find ways to provide relief during this pandemic. We sincerely appreciated the opportunity to provide input as this legislation was being crafted!

 

Senate Banking Committee to hold NCUA Board nomination hearing.

 

Next week, the Senate Banking Committee is scheduled to hold a hearing for Mr. Kyle Hauptman, President Trump’s recent republican nominee to fill J. Mark McWatters seat on the board, which expired in August 2019. Mr. Hauptman, of Maine, is currently working as an advisor to Senator Tom Cotton (R-AR) on economic policy and as staff director of the Senate Banking Committee’s subcommittee on economic policy. Typically, republican nominations such as this are voted on in connection with a separate democratic nomination to avoid partisan political issues, however we are not quite to that point in the process yet. More to come.

 

Have a great week, stay well, and don’t hesitate to contact me with any questions.

 

 

 

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