The Roundtable applauds the efforts of the Board to permit consumer disclosures to be made electronically. The Roundtable strongly believes that consumers can benefit from electronic disclosures. Electronic records will reduce costs for consumers and institutions. Electronic records will be easier to read. Electronic records can be organized in a clearer, more rational manner than traditional paper-based disclosures.
Electronic records can reach a wider audience in a shorter time frame.
Requiring records to be in paper form and delivered in person or sent via postal mail is a slower, less efficient approach than providing disclosures electronically. Additionally, consumers in harder to reach areas, such as some rural locations, would benefit from being able to receive statements, disclosures, notices or other records in a quick and thorough manner. Electronic records can be retained more efficiently. Electronic records can be retained in a better manner than paper records because electronic records can be stored, catalogued and retrieved more quickly and effectively than papers stored in a warehouse or a file cabinet. Further, if necessary most electronic records can be printed on paper and stored in the same manner that such records are held today.