GroundRules
12 CFR 7.1020: Purchase of open accounts by a national bank.
Where this section sits in the code
- 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
(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.
Collected 2026-08-27T02:24:16Z. Source file · JSON