---
kind: "section"
citation: "12 C.F.R. § 48.1"
title: "12"
number: "48.1"
heading: "Authority, purpose, and scope."
url: "https://uscodex.org/cfr/12/48.1"
---

# §48.1. Authority, purpose, and scope.

- (a) **Authority—**
  - (1) **National banks.** A national bank may offer or enter into retail foreign exchange transactions. A national bank offering or entering into retail foreign exchange transactions must comply with the requirements of this part.
  - (2) **Federal savings associations.** A Federal savings association may offer or enter into retail foreign exchange transactions. A Federal savings association offering or entering into retail foreign exchange transactions must comply with the requirements of this part as if each reference to a national bank were a reference to a Federal savings association.
- (b) **Purpose.** This part establishes rules applicable to retail foreign exchange transactions engaged in by national banks and applies on or after the effective date.
- (c) **Scope.** Except as provided in [paragraph (d)](#d) of this section, this part applies to national banks.
- (d) **International applicability.** Sections [48.3](/cfr/12/48.3.md) and [48.5 to 48.16](/cfr/12/48.5..48.16.md) do not apply to retail foreign exchange transactions between a foreign branch of a national bank and a non-U.S. customer. With respect to those transactions, the foreign branch remains subject to any disclosure, recordkeeping, capital, margin, reporting, business conduct, documentation, and other requirements of foreign law applicable to the branch.

## Notes

### Amendments

[76 FR 41384, July 14, 2011, as amended at 76 FR 56096, Sept. 12, 2011]

### Authority

Authority: 7 U.S.C. 27 et seq.; 12 U.S.C. 1 et seq., 24, 93a, 161, 1461 et seq., 1462a, 1463, 1464, 1813(q), 1818, 1831o, 3101 et seq., 3102, 3106a, 3108, and 5412.

### Source

Source: 76 FR 41384, July 14, 2011, unless otherwise noted.

### Amendments

[76 FR 41384, July 14, 2011, as amended at 76 FR 56096, Sept. 12, 2011]