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RegFi Episode 26: Optimizing Electronic Transaction Regulation for the Digital Economy | Orrick, Herrington & Sutcliffe LLP

Byeditor

Apr 4, 2024

During a recent discussion, Orrick Partner Edward Somers, along with Jerry Buckley and Sherry Safchuk, delved into the regulatory frameworks that impact electronic records and signatures within the financial industry. They explored how laws such as the Uniform Electronic Transactions Act (UETA), the federal E-Sign Act, and state laws are shaping the landscape of electronic transactions. In addition, they touched upon the increased scrutiny from regulators like the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) on deceptive design practices, known as “dark patterns,” found in websites and mobile apps.

As the conversation progressed, the group highlighted the importance of understanding these regulatory frameworks and how they impact businesses in the origination and servicing of financial products. They emphasized the need for companies to stay abreast of the evolving laws and regulations to ensure compliance and maintain consumer trust. Furthermore, they discussed the potential benefits of utilizing artificial intelligence tools to enhance consumer experiences and improve understanding of financial products and transactions.

In conclusion, the panelists underscored the significance of adapting to the changing regulatory environment and leveraging technology to drive innovation in the financial industry. By staying informed and embracing new tools and practices, businesses can better navigate the complexities of electronic transactions and deliver enhanced services to their customers.

By editor

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