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

Navigating Electronic Transactions: Understanding Regulatory Frameworks and Adapting for Innovation in the Financial Industry

During a recent discussion, Orrick Partner Edward Somers, along with Jerry Buckley and Sherry Safchuk, explored the regulatory frameworks that impact electronic records and signatures within the financial industry. They delved into 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. The group also 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 they discussed their findings, it became clear that businesses in the origination and servicing of financial products must stay informed about evolving laws and regulations to ensure compliance and maintain consumer trust. The panelists emphasized that companies should embrace technology tools such as artificial intelligence to improve consumer experiences and enhance their understanding of financial products and transactions.

In conclusion, adapting to changing regulatory environments is essential for driving innovation in the financial industry. By staying informed about new tools and practices, businesses can better navigate complexities in electronic transactions while delivering enhanced services to their customers.

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