State Bankers Association Letter to the Senate and House: Support. S.4159, E-SIGN Modernization Act

Hon. Mitch McConnell 
Majority Leader 
United States Senate 
Washington, D.C. 20510

Hon. Charles E. Schumer
Democratic Leader
United States Senate 
Washington, D.C. 20510

Hon. Roger Wicker
Chairman,
Committee on Commerce, Science,
and Technology
United States Senate
Washington, D.C. 20510

Hon. Maria Cantwell
Ranking Member,
Committee on Commerce, Science,
and Technology
United States Senate
Washington, D.C. 20510

Dear Majority Leader McConnell, Minority Leader Schumer, Chairman Wicker and Ranking Member Cantwell:

The undersigned state banker associations represent a diverse group of American financial institutions and technology companies. We support inclusion of the E-SIGN Modernization Act (S. 4159), sponsored by Sen. John Thune, in the forthcoming Phase IV economic relief package. This is a narrowly-drafted bill which addresses the problematic provision of law (15 U.S.C. § 7001(c)(1)(C)(ii)), while preserving all consumer protections.

During this crisis, banks across the nation are working around the clock to meet the needs of consumers and small businesses. From opening new checking accounts for Americans seeking to receive their Economic Impact Payment, to working out repayment accommodations, and processing an unprecedented volume of applications for small business credit, banks are on the ground helping the country though this challenging time.

Because of temporary branch closures, concerns about postal mail, and other factors, more Americans are asking to use digital channels to work with their bank. But an outdated provision in the Electronic Signatures in Global and National Commerce Act (“E-SIGN Act”), is impeding the ability of banks and other businesses to quickly fulfill these requests.

This law currently presumes paper communications and correspondingly overburdens the use of common electronic communications. Financial institutions have faced hurdles to quickly implement loan modifications, transfer balances, complete service requests begun on paper or over the phone, or fulfill requests from displaced customers for access to digital services.

As America’s bank continue to support their customers through both traditional banking and the delivery of COVID-related government programs, updating this law is a simple way to ensure maximum access to efficient and timely services.

Sincerely,

Alabama Bankers Association
Alaska Bankers Association
Arizona Bankers Association
Arkansas Bankers Association
California Bankers Association
Colorado Bankers Association
Connecticut Bankers Association
Delaware Bankers Association
Florida Bankers Association
Georgia Bankers Association
Hawaii Bankers Association
Idaho Bankers Association
Illinois Bankers Association
Indiana Bankers Association
Iowa Bankers Association
Kansas Bankers Association
Kentucky Bankers Association
Louisiana Bankers Association
Maine Bankers Association
Maryland Bankers Association
Massachusetts Bankers Association
Michigan Bankers Association
Minnesota Bankers Association
Mississippi Bankers Association
Missouri Bankers Association
Montana Bankers Association
Nebraska Bankers Association
Nevada Bankers Association
New Hampshire Bankers Association
New Jersey Bankers Association
New Mexico Bankers Association
New York Bankers Association
North Carolina Bankers Association
North Dakota Bankers Association
Ohio Bankers League
Oklahoma Bankers Association
Oregon Bankers Association
Pennsylvania Bankers Association
Puerto Rico Bankers Association
Rhode Island Bankers Association
South Carolina Bankers Association
South Dakota Bankers Association
Tennessee Bankers Association
Texas Bankers Association
Utah Bankers Association
Vermont Bankers Association
Virginia Bankers Association
Washington Bankers Association
West Virginia Bankers Association
Wisconsin Bankers Association
Wyoming Bankers Association