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RegFi Episode 26: Addressing the Regulation of Electronic Transactions in the Digital Economy | Orrick, Herrington & Sutcliffe LLP

A recent discussion among Orrick Partner Edward Somers, Jerry Buckley and Sherry Safchuk centered on the regulatory frameworks that impact electronic records and signatures in the origination and servicing of financial products. They highlighted the significance of laws such as the Uniform Electronic Transactions Act (UETA), the federal E-Sign Act, and various state laws in enabling electronic transactions. Additionally, they addressed the growing regulatory focus on “dark patterns” in website and mobile app designs by the CFPB and FTC.

The group emphasized the need for a comprehensive understanding of these regulatory frameworks to ensure compliance and mitigate risks in the financial industry. They also touched on the potential for AI tools to enhance consumer experiences and improve the comprehension of financial products and transactions. By utilizing AI technology, financial institutions can not only simplify processes but also provide more customized and efficient services to their clients.

In conclusion, the conversation shed light on the ever-changing landscape of electronic transactions and the importance of staying informed about regulatory changes and technological advancements. By remaining ahead of curve, financial institutions can navigate digital transactions’ complexities more effectively while continuing to offer secure and convenient services to their customers.

By Samantha Jones

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