Find Court Cases > Marquette Nat. Bank of Minneapolis v. First of Omaha Service Corp.
Marquette Nat. Bank of Minneapolis v. First of Omaha Service Corp.
Case Date: 05/05/1978
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Marquette Nat. Bank of Minneapolis v. First of Omaha Service Corp. (439 U.S. 299), is a unanimous 1978 U.S. Supreme Court decision holding that state anti-usury laws regulating interest rates cannot be enforced against nationally-chartered banks based in other states. Justice William Brennan wrote that it was clearly the intent of Congress when it passed the National Banking Act that nationally-chartered banks would be subject only to federal regulation by the Comptroller of Currency and the laws of the state in which they were chartered, and that only Congress or the appropriate state legislature could pass the laws regulating them.
The case has been called one of the most important of the late 20th century, since it freed nationally-chartered banks to offer credit cards to anyone in the U.S. they deemed qualified. Over the next decade, the states accelerated a process that had already begun of repealing or loosening their anti-usury laws, allowing state-chartered banks to compete more equally with national ones. As a result, the use of credit cards has vastly increased.
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