UCC Article 5: Uniform Commercial Code Article 5 specifically governs Letters of Credit, providing the primary domestic legal framework for LC transactions in the United States
UCP 600: The Uniform Customs and Practice for Documentary Credits, international rules developed by ICC that standardize LC practices globally
ISP98: International Standby Practices, specifically designed for standby letters of credit, providing detailed rules for their operation
Bank Secrecy Act: Federal law requiring financial institutions to assist government agencies in detecting and preventing money laundering in LC transactions
USA PATRIOT Act: Legislation that strengthens anti-money laundering requirements and includes provisions affecting international banking transactions
Federal Reserve Regulations: Including Regulation CC and other Fed regulations governing banking operations and letter of credit facilities
OCC Regulations: Office of the Comptroller of the Currency regulations governing national banks' letter of credit operations
OFAC Compliance: Office of Foreign Assets Control regulations regarding sanctions and embargoes that affect international LC transactions
UCC Article 9: Governs secured transactions if the letter of credit facility involves security interests or collateral
State Contract Laws: State-specific contract laws that may affect the formation and enforcement of the LC facility agreement
Equal Credit Opportunity Act: Federal law prohibiting discrimination in credit transactions, including LC facilities
ICC Rules: International Chamber of Commerce rules and guidelines for international trade and banking practices
