---
kind: "section"
citation: "12 C.F.R. § 7.1020"
title: "12"
number: "7.1020"
heading: "Purchase of open accounts by a national bank."
url: "https://uscodex.org/cfr/12/7.1020"
---

# §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.

## Notes

### 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.