§ 12.102National bank use of electronic communications as customer notifications.
(a) In appropriate situations, a national bank may satisfy the “written” notification requirement under §§ 12.4 and 12.5 through electronic communications. Where a customer has a facsimile machine, a national bank may fulfill its notification delivery requirement by sending the notification by facsimile transmission. Similarly, a bank may satisfy the notification delivery requirement by other electronic communications when:
(1) The parties agree to use electronic instead of hard-copy notifications;
(2) The parties have the ability to print or download the notification;
(3) The recipient affirms or rejects the trade through electronic notification;
(4) The system cannot automatically delete the electronic notification; and
(5) Both parties have the capacity to receive electronic messages.
(b) The OCC would consider the permissibility of other situations using electronic notifications on a case-by-case basis.
Title 12 published on 2014-01-01
no entries appear in the Federal Register after this date.
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