CFR > Title 12 - Banks and Banking > CHAPTER I—COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY > PART 7—BANK ACTIVITIES AND OPERATIONS > SUBPART A—Bank Powers (§7.1000 to §7.1021) > 7.1020—Purchase of open accounts.

7.1020—Purchase of open accounts.

(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.