12 C.F.R. § 7.1020

Current through November 30, 2024
Section 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.

12 C.F.R. §7.1020