Americans Overwhelmingly Oppose SEC’s Regulation E-Delivery

If implemented by the SEC, the new rule would mandate that Americans must opt-in to paper delivery of financial documents, upending a long-trusted delivery method as the default for financial statements. The rule could ultimately benefit online criminals who frequently imitate bank statements and other formal notices to gain access to their victims' financial accounts.

"The volume of comments in opposition to the SEC's proposed rule makes it clear that Americans trust paper mail to receive their most critical data from their financial institution," said Marie Clarke, President of the Envelope Manufacturers Association. "Americans lose billions to online scams each year. If digital delivery of financial communications becomes the default, online scammers will have even more opportunities to take advantage of vulnerable residents."

Polling confirms that the American public wants the option to choose how they receive their sensitive information and that they are deeply concerned about digital delivery of important documents. 80% of U.S. consumers want to choose how they receive important communications, and 65% of Americans worry about their electronic data being compromised. Their fears are well-founded, with Americans losing $148.2 billion to online scams every year.

The groundswell of public opposition clearly demonstrates that the SEC's decision-making is misguided and deeply unpopular. Now that the public comment period has concluded, it is vital that Members of Congress stand with their constituents and take action in response to the overwhelming response to the SEC's proposed rule.

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^{About the Protect Paper Choice Coalition
The Paper Choice Coalition is fighting to protect every American's right to choose how they receive their most important financial and health information - not have that choice made for them by default}

^{About the Envelope Manufacturers of America
The Envelope Manufacturers Association (EMA) is the world's largest association devoted exclusively to the envelope manufacturing and paper-based communications industry. EMA represents manufacturers, suppliers and industry partners, and advocates for policies that support a strong mailing industry and preserve consumer choice in how people receive important information. Learn more at envelope.org.}