C.F.R. » Title 12 » CHAPTER I—COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY › PART 7—ACTIVITIES AND OPERATIONS › Subpart A—National Bank and Federal Savings Association Powers

12 C.F.R. § 7.1020

Purchase of open accounts by a national bank

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(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.