Marquette National Bank of Minneapolis v. First of Omaha Service Corp.

Summary

The Court held that the National Bank Act permits a national bank to charge out-of-state credit-card customers the interest rate allowed by the law of the State where the bank is located. Because the Omaha bank was located in Nebraska, federal law preempted application of Minnesota's lower interest-rate limits to its BankAmericard program. The Court rejected arguments based on competitive equality, legislative intent, and the effects of interstate interest-rate exportation.