Following mentioned are the responsibilities of:
1. Must notify the bank, either orally or in writing, of error within 60 days:
" Of the institution's transmission of a statement or other documentation on which the error first appears or
" Of receiving additional information or clarification provided pursuant to the consumer's request
2. Consumer's notification should include the following items
" Consumer's name and account number or information that allows the institution to identify the consumer's name or account number
" Consumer's belief and reasons for the belief that an error exists and, if possible, the type, date, and amount of the error (this information does not have to be given if the consumer is simply requesting further information or clarification)
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A. B. C. D.A
The responsibilities described in the question are related to the Consumer Response and Compliance Management (CRCM) function.
CRCM is a set of processes and activities designed to ensure that a financial institution complies with laws and regulations related to consumer protection, fair lending, and other consumer-related issues. CRCM also includes the handling of customer complaints and disputes, such as errors in account statements or other documentation.
In this case, the responsibility to notify the bank of an error within 60 days falls on the Consumer, which refers to the person or entity that holds an account or has a relationship with the financial institution. The notification can be given orally or in writing and should include specific information about the error, such as the consumer's name and account number, the type, date, and amount of the error if possible, and the reasons for the belief that an error exists. The consumer is also entitled to request additional information or clarification from the financial institution.
The Financial institution is also responsible for responding to consumer complaints and errors in a timely and efficient manner, investigating the issue, and taking appropriate corrective actions if necessary. The institution must also keep accurate records of all complaints and their resolution, as well as provide periodic reports to management and regulatory agencies.
The Reserve Bank, also known as the central bank, is responsible for supervising and regulating financial institutions to ensure their safety and soundness, as well as protecting consumers and promoting economic stability. The Reserve Bank may also enforce consumer protection laws and regulations and may impose penalties or sanctions for noncompliance.
Finally, a third party refers to any person or entity other than the financial institution or the consumer that may be involved in the complaint or dispute, such as a merchant, vendor, or service provider. In such cases, the financial institution may be responsible for coordinating with the third party to investigate and resolve the issue.
In summary, the responsibility to notify the bank of an error within 60 days falls on the Consumer, while the Financial institution is responsible for responding to consumer complaints and errors in a timely and efficient manner. The Reserve Bank may enforce consumer protection laws and regulations and impose penalties or sanctions for noncompliance, and a third party may be involved in the complaint or dispute.