Customer dispute resolution.

CFR · 2024-01-01 · US · Title 12

(a) (1) Signing the agreement is not a condition for the customer to use the services offered by the national bank. (2) If the agreement is contained as a clause or clauses of a broader agreement, the customer separately endorses the clause or clauses. (3) The agreement advises the retail forex customer that, at such time as the customer notifies the national bank that the customer intends to submit a claim to arbitration, or at such time the national bank notifies the customer of its intent to submit a claim to arbitration, the customer will have the opportunity to choose a person qualified in dispute resolution to conduct the proceeding. (4) The agreement must acknowledge that the national bank will pay any incremental fees that may be assessed in connection with the dispute resolution, unless it is determined in the proceeding that the retail forex customer has acted in bad faith in initiating the proceeding. (5) The agreement must include the following language printed in large boldface type: (b) (2) The customer must, within 45 days after receipt of such list, notify the national bank of the person selected. The customer's failure to provide such notice must give the national bank the right to select a person from the list. (c) (d) (e) (1) Arises out of the transaction or occurrence that is the subject of the retail forex customer's claim or grievance; and (2) Does not require for adjudication the presence of essential witnesses, parties, or third persons over which the

official document · source cfr-2024 · id 12:§ 48.16