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NAFCU, trades write in support of SECURE Act
NAFCU joined with other trade associations Thursday in a letter to the House Energy and Commerce Subcommittee on Consumer Protection and Commerce prior to its hearing on protecting consumers and strengthening the economy. The groups wrote in support of the Securing and Enabling Commerce Using Remote and Electronic Notarization (SECURE) Act, providing businesses and consumers the ability to execute critical documents using two-way audiovisual communication.
“Current requirements for a signer to physically be in the presence of a Notary are often impractical and sometimes impossible due to social distancing constraints resulting from COVID-19, as well as other barriers including military service or work travel,” wrote the groups. “Forty states have already recognized the benefits of Remote Online Notarization (RON) and passed legislation authorizing its use.”
In the letter, the groups highlighted that notarizations are used extensively in real estate transactions, affidavits, powers of attorney, living trusts, advance health care directives, and automotive transactions, among others. In addition, they alluded to a survey conducted by the American Land Title Association finding that that the use of RON has increased 547% during 2020 with major vendors when compared to 2019 – attributing this shift to the contactless habits developed during the pandemic.
“Given the dramatic adjustments businesses have had to make during the COVID-19 pandemic, the federal government should provide the critical tools to leverage technology to continue to keep Americans safe while also meeting their needs into the future through innovation,” concluded the groups. “The past few years have shown technological solutions can increase accessibility and reduce burdens for people across the United States.”
Read the full letter. NAFCU will continue to work with Congress to ensure that credit unions stay updated with technological advancements in the financial services industry.