TOPIC: New Requirements

Notice of Right to Forbearance

Employee at a credit_union ($857MUSA)
Hello Everyone

Oregon recently enacted some new rules surrounding right to forbearance and we are required to notify all loan accounts of these rights. I was wondering if anyone one else did a similar notification and if so, can you share the letter you sent to borrowers? 

    ESign / Electronic Signature /eVault for Implementation of System of "Control" vendors

    CTO at a bank ($855MUSA)
    Hello, we are working on a large project to get as many docs (loan, deposit, commercial, and many others) from paper signatures to eSignature.  We have done much research on the rules/regs and specifically we are advised by the legal experts that this will work as long as we are compliant also with "Control" of the transferrable record.  So we are looking at how best and who to use for the implementation of system of "control".  Other FI's have implemented eVaulting to provide a secure chain of custody for the electronic records and use TOLEC (Transfer of Location of Electronic Contracts) software.  So two of the companies that have been recommended for the eVault piece are SPeRS (Standards & Procedures for Electronic Records & Signatures) and/or ESRA (Electronic Signature and Records Association) to implement electronic, signature, disclosure and eVaulting solutions to deal with the "Best Evidence" concern.  

    My question is has anyone worked with an eVault company like SPeRS or ESRA and if so, what do you recommend as the best option for this piece of the requirement for eVaulting?I am not familiar with either of these companies so wanted to see if anyone had any information you could provide and/or recommend if you have already been through and established this process.  

    Thanks in advance!

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