StacksVerified U.S. regulatory reference

12 CFR §7.1020

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗
  1. (a)General. The purchase of open accounts is a part of the business of banking and within the power of a national bank.
  2. (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.