Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 12 - Banks and Banking |
Chapter I - Comptroller of the Currency, Department of the Treasury |
Part 7 - Activities and Operations |
Subpart A - National Bank and Federal Savings Association Powers |
§ 7.1020 - Purchase of open accounts by a national bank.
Latest version.
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§ 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.