12 CFR § 37.1 - Authority, purpose, and scope.

---
identifier: "/us/cfr/t12/s37.1"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 37.1 - Authority, purpose, and scope."
title_number: 12
title_name: "Banks and Banking"
section_number: "37.1"
section_name: "Authority, purpose, and scope."
chapter_name: "COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY"
part_number: "37"
part_name: "DEBT CANCELLATION CONTRACTS AND DEBT SUSPENSION AGREEMENTS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 1  24(Seventh), 93a, 1818."
regulatory_source: "67 FR 58976, Sept. 19, 2002, unless otherwise noted."
cfr_part: "37"
---


# 37.1 Authority, purpose, and scope.

(a) *Authority.* A national bank is authorized to enter into debt cancellation contracts and debt suspension agreements and charge a fee therefor, in connection with extensions of credit that it makes, pursuant to 12 U.S.C. 24(Seventh).

(b) *Purpose.* This part sets forth the standards that apply to debt cancellation contracts and debt suspension agreements entered into by national banks. The purpose of these standards is to ensure that national banks offer and implement such contracts and agreements consistent with safe and sound banking practices, and subject to appropriate consumer protections.

(c) *Scope.* This part applies to debt cancellation contracts and debt suspension agreements entered into by national banks in connection with extensions of credit they make. National banks' debt cancellation contracts and debt suspension agreements are governed by this part and applicable Federal law and regulations, and not by part 14 of this chapter or by State law.