Uniform Commercial Code (UCC) Article 5: Primary US legislation governing Letters of Credit that defines rights and obligations of all parties involved and establishes standards for honor and dishonor of letters of credit
UCP 600: International Chamber of Commerce rules providing standardized practices for Documentary Credits - while not law, these are widely accepted standard practices and often incorporated by reference in Letters of Credit
International Standby Practices (ISP98): Specific rules and practices for standby letters of credit commonly used in US banking practices
Federal Reserve Regulations: Including Regulation H (membership requirements for state banks) and Regulation Y (bank holding company regulations) that impact letter of credit operations
OCC Regulations: Office of the Comptroller of the Currency regulations (12 CFR Part 7) governing national bank operations and providing guidelines on bank guarantees and letters of credit
Bank Secrecy Act (BSA) and AML Requirements: Legislation requiring customer identification and transaction monitoring obligations for banking operations including letters of credit
USA PATRIOT Act: Federal law establishing due diligence requirements and identity verification standards for banking transactions
State Banking Regulations: State-specific banking regulations that may affect format and content requirements for letters of credit in different jurisdictions
