- Digital Signature and Electronic Authentication Law
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Digital Signature And Electronic Authentication Law (SEAL) of 1998 was introduced to the United States Senate, as S.1594, and was followed closely by H.R. 3472 which was introduced to the House of Representatives. This Bill sought to update the Bank Protection Act of 1968 in regards to electronic authentication techniques by financial institutions, and for other purposes[1].
Contents
Sections from the law
- The definition of electronic document described in Sec 3(f) of the SEAL [1]
- (f) DOCUMENT- The term `document' means any message, instrument, information, data, image, text, program, software, database, or the similar item, regardless of how created, if such item can be retrieved or displayed in a tangible form.
- Electronic authentication technologies are compliant with Sec 3(g)
- (g) ELECTRONIC AUTHENTICATION- The term `electronic authentication' means a cryptographic or other secure electronic technique that allows the user of the technique
(1) to authenticate the identity of or information associated with a sender of a document
(2) to determine that a document was not altered, changed, or modified during its transmission to a recipient, or
(3) to verify that a document received was sent by the identified party claiming to be the sender.
- Section 6 of the Digital Signature And Electronic Authentication Law (SEAL) states the electronic authentication may be used if an agreement to use them was made by all parties.
- (a) ELECTRONIC AUTHENTICATION OF DOCUMENTS, INFORMATION, AND IDENTITY-
- (1) IN GENERAL- A financial institution may use electronic authentication in the conduct of its business if it has entered into an agreement regarding the use of electronic authentication with any counterparty, or if it has established a banking, financial, or transactional system using electronic authentication.
Forms of electronic authentication
- Biometric
- Clickwrap
- Password
- Public key infrastructure (PKI)
- Security token
References
External links
- Federal Reserve Bank of New York on SEAL
- Senate Banking, Housing and Urban Affairs Committee discusses SEAL
- Text of the law at the Library of Congress
Bank regulation in the United States Fair debt collection Federal authorities Major federal legislation
(Category)Credit CARD Act of 2009 • Emergency Economic Stabilization Act of 2008 • Fair and Accurate Credit Transactions Act • Gramm–Leach–Bliley Act • Truth in Savings Act • Electronic Fund Transfer Act • Community Reinvestment Act • Home Mortgage Disclosure Act • Fair Credit Reporting Act • Truth in Lending Act • Bank Secrecy Act • Bank Holding Company Act • Federal Credit Union Act • Glass–Steagall Act • Federal Reserve ActFederal Reserve Board
regulationsExtensions of Credit by Federal Reserve Banks (Reg A)
Equal Credit Opportunity (Reg B)
Home Mortgage Disclosure (Reg C)
Reserve Requirements for Depository Institutions (Reg D)
Electronic Fund Transfer (Reg E)
Limitations on Interbank Liabilities (Reg F)
International Banking Operations (Reg K)
Consumer Leasing (Reg M)
Loans to Insiders (Reg O)
Privacy of Consumer Financial Information (Reg P)
Prohibition Against the Paying of Interest on Demand Deposits (Reg Q)
Credit by Brokers and Dealers (Reg T)
Credit by Banks and Persons Other Than Brokers or Dealers for the Purpose of Purchasing or Carrying Margin Stock (Reg U)
Transactions Between Member Banks and Their Affiliates (Reg W)
Borrowers of Securities Credit (Reg X)
Truth in Lending (Reg Z)
Unfair or Deceptive Acts or Practices (Reg AA)
Community Reinvestment (Reg BB)
Availability of Funds and Collection of Checks (Reg CC)
Truth in Savings (Reg DD)Types of bank charter State authorities Terms Other topics Categories:- Computer law
- Science and technology in the United States
- United States federal legislation
- United States federal banking legislation
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