Interest Rate Battle
Marquette was involved in lengthy credit card interest rate litigation with the First National Bank of Omaha which resulted in an important US Supreme Court ruling regulating the banking industry. Marquette brought suit against First National claiming the interest rate charged Minnesota customers using First National credit card services (VISA) though legal in Nebraska, exceeded the interest rate allowed under Minnesota state law. Marquette was also issuing cards but did not exceed the interest rate permitted by the law in the cardholder's State. The Court ruled in 1978 that a Federally chartered bank like First National could offer credit card services nationwide and the maximum interest rate to cardholders was that allowed by the State the bank was located in and not the customer's State. This ruling prompted some US States (South Dakota, Delaware, Utah, Virginia, New Hampshire) to repeal their maximum interest rate laws. Banks offering credit card services quickly established offices and cardholder services in those States to take advantage of the "no cap" interest rates allowed by the State.
Read more about this topic: Marquette Bank Minneapolis
Famous quotes containing the words interest, rate and/or battle:
“There is a mortifying experience in particular, which does not fail to wreak itself also in the general history; I mean “the foolish face of praise,” the forced smile which we put on in company where we do not feel at ease, in answer to conversation which does not interest us. The muscles, not spontaneously moved but moved, by a low usurping wilfulness, grow tight about the outline of the face, with the most disagreeable sensation.”
—Ralph Waldo Emerson (1803–1882)
“At this very moment,... the most frightful horrors are taking place in every corner of the world. People are being crushed, slashed, disembowelled, mangled; their dead bodies rot and their eyes decay with the rest. Screams of pain and fear go pulsing through the air at the rate of eleven hundred feet per second. After travelling for three seconds they are perfectly inaudible. These are distressing facts; but do we enjoy life any the less because of them? Most certainly we do not.”
—Aldous Huxley (1894–1963)
“Each reaching and aspiration is an instinct with which all nature consists and cöoperates, and therefore it is not in vain. But alas! each relaxing and desperation is an instinct too. To be active, well, happy, implies courage. To be ready to fight in a duel or a battle implies desperation, or that you hold your life cheap.”
—Henry David Thoreau (1817–1862)