WASHINGTON—NAFCU's Elizabeth LaBerge has urged the Federal Communications Commission (FCC) to expedite efforts to ensure financial institutions can contact consumers on matters related to the coronavirus pandemic during the national emergency.
"This is an extant emergency, and information from credit unions and other financial institutions are a first step to resolving that threat to the economic security of our nation and its consumers," wrote LaBerge, NAFCU's senior regulatory counsel. "The pandemic and its economic effects have moved with incredible speed."
In the letter, LaBerge asked the FCC to issue an interim declaratory ruling regarding the petition, or to act on the petition on an expedited basis.
CUNA on Wire Transfers
In a separate letter, CUNA wrote to the National Conference of Commissioners of Uniform State Laws Permitting saying electronic signatures on wire transfer documents would allow credit unions to continue member service during the coronavirus disease pandemic in a safe and sound manner. The trade group said credit unions have shifted to more electronic and distance services, and as a result members have been unable to provide a live signature for wire transfer requests if one was not previously on file.
“Because the wire transfer, in most cases, is needed almost immediately, there is not sufficient time to transmit a signed form through the mail. The Uniform Commercial Code Article 4A for fund transfers does not permit electronic signatures on wire transfer agreements and/or wire transfer request forms,” the letter reads. “Furthermore, the federal ESign Act and state Uniform Electronic Transactions Act laws do not apply to UCC Article 4A. Thus, credit unions are left with several poor options: an inability to serve their members or taking on the liability in the case of incorrect wiring instructions.”