§7.1020. Purchase of open accounts by a national bank.
12 C.F.R. § 7.1020
General. The purchase of open accounts is a part of the business of banking and within the power of a national bank.
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.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 1 et seq., 25b, 29, 71, 71a, 92, 92a, 93, 93a, 95(b)(1), 371, 371d, 481, 484, 1462a, 1463, 1464, 1465, 1818, 1828, 3102(b), and 5412(b)(2)(B).
Source
Source: 61 FR 4862, Feb. 9, 1996, unless otherwise noted.