12 CFR § 48.1 - Authority, purpose, and scope.
---
identifier: "/us/cfr/t12/s48.1"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 48.1 - Authority, purpose, and scope."
title_number: 12
title_name: "Banks and Banking"
section_number: "48.1"
section_name: "Authority, purpose, and scope."
chapter_name: "COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY"
part_number: "48"
part_name: "RETAIL FOREIGN EXCHANGE TRANSACTIONS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "7 U.S.C. 27 12 U.S.C. 1 24, 93a, 161, 1461 1462a, 1463, 1464, 1813(q), 1818, 1831o, 3101 3102, 3106a, 3108, and 5412."
regulatory_source: "76 FR 41384, July 14, 2011, unless otherwise noted."
cfr_part: "48"
---
# 48.1 Authority, purpose, and scope.
(a) *Authority*—(1) *National banks.* A national bank may offer or enter into retail foreign exchange transactions. A national bank offering or entering into retail foreign exchange transactions must comply with the requirements of this part.
(2) *Federal savings associations.* A Federal savings association may offer or enter into retail foreign exchange transactions. A Federal savings association offering or entering into retail foreign exchange transactions must comply with the requirements of this part as if each reference to a national bank were a reference to a Federal savings association.
(b) *Purpose.* This part establishes rules applicable to retail foreign exchange transactions engaged in by national banks and applies on or after the effective date.
(c) *Scope.* Except as provided in paragraph (d) of this section, this part applies to national banks.
(d) *International applicability.* Sections 48.3 and 48.5 to 48.16 do not apply to retail foreign exchange transactions between a foreign branch of a national bank and a non-U.S. customer. With respect to those transactions, the foreign branch remains subject to any disclosure, recordkeeping, capital, margin, reporting, business conduct, documentation, and other requirements of foreign law applicable to the branch.
[76 FR 41384, July 14, 2011, as amended at 76 FR 56096, Sept. 12, 2011]