12 CFR 7.1020
§ 7.1020 Purchase of open accounts by a national bank.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 7.1020, § 7.1020 Purchase of open accounts by a national bank, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/42964
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Full text
(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.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.