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Banking Law Keyed to Carnell, 7th Ed.
Marquette National Bank of Minneapolis v. First of Omaha Service Corporation
Citation:
439 U.S. 299 (1978)Facts
First National Bank of Omaha (Omaha Bank), a national bank chartered in Nebraska, operated a BankAmericard program that extended credit to residents of Minnesota. Omaha Bank charged these Minnesota cardholders interest rates permitted under Nebraska law (18% on balances up to $999.99 and 12% on higher balances), which exceeded the maximum 12% rate allowed under Minnesota law. Marquette National Bank of Minneapolis, also a national bank and BankAmericard issuer, claimed it was losing customers to Omaha Bank because Minnesota law forced Marquette to charge a $10 annual fee to compensate for the lower permissible interest rate. Marquette sued Omaha Bank’s subsidiary, First of Omaha Service Corp., seeking to enjoin them from soliciting Minnesota residents for credit cards until they complied with Minnesota’s interest rate limitations. The case centered on the interpretation of the National Bank Act provision that allows national banks to charge interest “at the rate allowed by the laws of the State… where the bank is located.”
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