Regulations last checked for updates: Jun 01, 2024

Title 12 - Banks and Banking last revised: May 20, 2024
§ 7.1020 - Purchase of open accounts by a national bank.

(a) General. The purchase of open accounts is a part of the business of banking and within the power of a national bank.

(b) Export transactions. A national bank may purchase open accounts in connection with export transactions; the accounts should be protected by insurance such as that provided by the Foreign Credit Insurance Association and the Export-Import Bank.

authority: 12 U.S.C. 1
source: 61 FR 4862, Feb. 9, 1996, unless otherwise noted.
cite as: 12 CFR 7.1020