RegFi Episode 26: Addressing the Regulation of Electronic Transactions in the Digital Economy | Orrick, Herrington & Sutcliffe LLP

In a recent meeting, Orrick Partner Edward Somers, along with Jerry Buckley and Sherry Safchuk, discussed the regulatory frameworks that impact electronic records and signatures in the origination and servicing of financial products. They highlighted the importance of laws such as the Uniform Electronic Transactions Act (UETA), the federal E-Sign Act, and various state laws in enabling electronic transactions. Additionally, they addressed the increasing regulatory focus on “dark patterns” in website and mobile app designs by the CFPB and FTC.

The group emphasized the need for a thorough understanding of these regulatory frameworks to ensure compliance and mitigate risks in the financial industry. They also touched on the potential for AI tools to enhance consumer experiences and improve the understanding of financial products and transactions. By leveraging AI technology, financial institutions can not only streamline processes but also provide more personalized and efficient services to their clients.

In conclusion, it is crucial for financial institutions to stay informed about regulatory changes and advancements in technology in order to navigate the evolving landscape of electronic transactions. With a thorough understanding of these frameworks, financial institutions can continue to provide secure and convenient services to their customers while also mitigating risks associated with digital transactions.

By Riley Johnson

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