Table of Contents
by Shawn Phillips,
Enablement and Product Evangelist at MHC
- In Brief
- What Is the U.S. Improving Disclosure for Investors Act?
- Why It Matters: Accelerating the Shift to Digital
- Key Impacts of the INVEST Act’s Disclosure Provisions
- How IT and Operations Teams Can Support Compliance
- Key Considerations for Compliance Teams
- Steps to Prepare for Compliance
- Dig Deeper: Follow-on Resources
- Waiting for a Final Law is the More Expensive Path
- Final Thoughts: Two Tracks, One Direction
- Key Takeaways
- Frequently Asked Questions
Boosting Digital Adoption with the U.S. Improving Disclosure for Investors Act
Shawn Phillips 
Published: March 27th, 2025 | Last updated: September 8th, 2026
In Brief
The Improving Disclosure for Investors Act aimed to make digital delivery the default way financial firms send required disclosures to investors, while preserving paper as an option. It started as a standalone bill (S.3815) that expired in 2023, was reintroduced in 2025, and is now part of the broader INVEST Act (H.R. 3383) — which passed the House 302–123 on December 11, 2025 and is currently pending in the Senate.
Table of Contents
- In Brief
- What Is the U.S. Improving Disclosure for Investors Act?
- Why It Matters: Accelerating the Shift to Digital
- Key Impacts of the INVEST Act’s Disclosure Provisions
- How IT and Operations Teams Can Support Compliance
- Key Considerations for Compliance Teams
- Steps to Prepare for Compliance
- Dig Deeper: Follow-on Resources
- Waiting for a Final Law is the More Expensive Path
- Final Thoughts: Two Tracks, One Direction
- Key Takeaways
- Frequently Asked Questions
Introduction
When we first covered this bill in early 2025, most financial services communication ran on one assumption: paper first, digital only if the investor asked for it. That assumption has been under pressure ever since. The Improving Disclosure for Investors Act has now been folded into the new INVEST Act. The INVEST Act’s investor disclosure provisions are one of two active efforts now pushing in the same direction — the other being SEC Regulation E-Delivery, a separate rulemaking we cover in the newest installment of this series.
Not sure where your organization stands on digital delivery readiness?
Contact us to schedule a conversation with our compliance experts.
What Is the U.S. Improving Disclosure for Investors Act?
Originally introduced as standalone legislation, the Improving Disclosure for Investors Act was designed to make digital delivery the default method for required investor disclosures, while keeping paper available for investors who prefer it. It also pushed firms to standardize and simplify disclosure documents so they’re easier to understand and access, regardless of delivery channel. Today it moves forward as part of the INVEST Act.
The bill’s path has been anything but linear, which is worth tracking closely if your compliance team is deciding when to act. Here’s the history:
| Milestone | Date | Status |
|---|---|---|
| Introduced as S.3815 (118th Congress) | 2023 | Standalone Senate bill |
| Expired without passing | End of 2024 | 118th Congress ended |
| Reintroduced (H.R.2441 / S.1877, 119th Congress) | 2025 | New standalone bills |
| Folded into the INVEST Act (H.R. 3383) | 2025 | Broader capital formation package |
| INVEST Act passes the House | December 11, 2025 | Vote: 302–123 |
| Current status | September 2026 | Pending in the Senate |
If the Senate passes the INVEST Act without amendment, it will go to the president’s desk. If the Senate amends it, the two chambers reconcile the differences before it can move forward.
Enactment would start a fast clock. The Act’s disclosure provisions direct the SEC to propose implementing rules within 180 days and to finalize them within one year — meaning firms would have roughly a year of visible runway, not several, once a signature lands.
Why It Matters: Accelerating the Shift to Digital
Digital adoption in financial services has been slow for a structural reason. Under today’s rules, a firm has to collect each investor’s affirmative consent before it can deliver anything electronically — which means adoption moves at the speed of a consent campaign, not at the speed of the technology. Flipping the default removes that ceiling: investors receive disclosures digitally unless they ask for paper, and firms stop having to earn the right to use a channel they already have. The Act pairs that change with a push to standardize and simplify disclosure formats, so the documents arriving in those digital channels are easier to read once they get there.
Key Impacts of the INVEST Act's Disclosure Provisions
Three impacts matter most for communications teams:
- Digital delivery becomes the default. Investors get disclosures electronically unless they ask for paper — the reverse of today’s model, where a firm needs the investor’s consent before it can send anything digitally.
- Disclosure formats get standardized. The Act pushes firms to simplify and align how required information is presented, so investors can find and understand it from one firm to the next.
- Accessibility requirements stay in place. Digital delivery can’t come at the cost of investors who rely on screen readers or other assistive technology.
The INVEST Act’s disclosure provisions are more than a regulatory update. They force financial services firms to rethink the entire investor communication lifecycle — not just the delivery mechanism at the end of it.
How IT and Operations Teams Can Support Compliance
If enacted, compliance, IT, and operations teams will need to work together to ensure secure, accessible, and compliant digital communications. That coordination has to start well before a final law forces the timeline.
Key Considerations for Compliance Teams
- Consent and preference tracking. Firms need a reliable system of record for which investors have opted into digital delivery, opted out, or haven’t yet made a choice — and that record has to be auditable.
- Standardized templates across products and channels. Disclosure content that’s simplified and standardized on paper needs to stay that way when it moves to email, portals, or mobile.
- Secure handling of financial information. Any digital delivery path that includes account-level or transaction-specific data needs the same safeguards regulators expect from paper — arguably more, since digital channels introduce new failure points.
Steps to Prepare for Compliance
Three steps are worth taking now, before a final law sets the timeline:
- Inventory your delivery methods. Map every disclosure type your firm sends and identify which ones would shift under a digital-default model.
- Audit your consent infrastructure. Confirm it can capture, store, and prove an investor’s delivery choice at any point in time.
- Standardize templates across business lines. Disclosures should read consistently whether they arrive by mail or by email.
Dig Deeper: Follow-up Resources
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To learn about leading CCM platforms with digital delivery capabilities, read: Best CCM Software for Enterprise in 2026: MHC, Quadient, & More Compared >
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To map out a full modernization strategy rather than a single migration project, read: Legacy System Modernization: Ultimate Guide for Regulated Enterprises >
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If you want to talk through what this means for your specific disclosure mix, contact us to schedule a conversation with our team, or request a Personalized Demo of MHC NorthStar CCM.
Waiting for a Final Law is the More Expensive Path
The instinct is to wait until a rule is final before spending money on it. But waiting may prove to be the risky and more expensive path, not the safer one. Both the INVEST Act and the SEC’s own Regulation E-Delivery proposal point toward the same operational requirements: consent tracking, content classification, and an audit trail that can survive regulatory scrutiny. Building that infrastructure once, ahead of either measure taking effect, costs less than retrofitting it under a compliance deadline.
MHC Insights
“Whether it’s Congress or the SEC that finalizes the rule first almost doesn’t matter — the infrastructure question is identical either way. Firms that build consent tracking and audit trails now aren’t betting on which bill passes. They’re just ready regardless.”
~ Emily Washington, MHC’s Head of Product
MHC Insights Final Thoughts: Two Tracks, One Direction
The INVEST Act — now carrying the Improving Disclosure for Investors Act’s provisions — hasn’t become law yet, and it may not in its current form. Bills get amended, merged, and renamed on their way through Congress, as this one already has twice. But the direction hasn’t wavered since it was first introduced: digital delivery is becoming the default, and paper is becoming the exception that has to be requested rather than the standard that has to be justified.
That same direction is now showing up in a second, independent place — the SEC’s own rulemaking. Two tracks, moving toward the same outcome, is a stronger signal than either one alone.
If you want to discuss digital adoption further, please contact us to schedule a conversation with our experts.
Our next blog in the CCM Compliance Check-Up series examines SEC Regulation E-Delivery, the agency’s own move to make electronic delivery the default — and why readiness comes down to classification rather than the compliance calendar. Read it now!
Key Takeaways
- The bill changed names, not direction. The Improving Disclosure for Investors Act expired as a standalone bill, was reintroduced in 2025, and now moves as part of the INVEST Act (H.R. 3383) — which passed the House 302–123 and sits with the Senate Banking Committee.
- Digital default reverses today’s consent model. Investors would receive disclosures electronically unless they request paper, so firms need auditable preference tracking, not just an electronic delivery channel.
- Two tracks lead to the same infrastructure. Congress and the SEC are moving separately toward the same requirements — consent tracking, content classification, and a provable audit trail — which makes building now cheaper than retrofitting under a deadline.
FAQs About the Improving Disclosure for Investors Act
What is the Improving Disclosure for Investors Act?
It is legislation that would make digital delivery the default method for required investor disclosures, while keeping paper available to any investor who requests it. Its provisions now move forward as part of the INVEST Act (H.R. 3383).
Is the INVEST Act Law Yet?
No. The House passed it 302–123 on December 11, 2025, and it was received in the Senate and referred to the Banking Committee on December 15, 2025. It remains pending there.
Would Investors Still be Able to Get Paper Documents?
Yes. Paper stays available to any investor who asks for it. What changes is which method applies when the investor has not expressed a preference.
How is the INVEST Act Different From SEC Regulation E-Delivery?
The INVEST Act is legislation moving through Congress; Regulation E-Delivery is an SEC rulemaking. They advance on separate timelines and neither depends on the other. If the INVEST Act is enacted, it directs the SEC to propose implementing rules within 180 days and finalize them within one year.
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Shawn Phillips
Shawn brings over 25 years of tech and customer experience expertise to his role as Enablement and Product Evangelist at MHC. In this role, he’s the driving voice behind MHC NorthStar across sales, professional services, partners, and customers — building the training and enablement that help everyone represent the product with confidence and clarity. He is driven by a simple philosophy: great technology should make everyone’s day better, customers and employees alike. His practical, hands-on approach turns product knowledge into real-world readiness, ensuring the people closest to customers have what they need to deliver on that promise. Before joining MHC, Shawn was employed at Heart of the Customer, where he worked with Fortune 100 companies to improve how they connect with customers — everything from reducing pain points to enhancing key moments in the customer journey.
