Marquette National Bank v. First of Omaha Service Corp.

National bank interest-rate exportation, state usury limits, and interstate consumer-credit competition.

First National Bank of Omaha, a national bank located in Nebraska, issued credit cards to Minnesota residents and charged interest rates permitted by Nebraska law but higher than Minnesota's usury limits. A Minnesota bank sought to enjoin the program unless Omaha Bank complied with Minnesota law.

The Court held that a national bank may charge interest at the rate allowed by the law of the state where the bank is located, even when lending to out-of-state customers.

Justice Brennan interpreted the National Bank Act's interest provision by focusing on the location of the national bank rather than the customer's residence. The decision treated Congress, not individual host states, as the institution responsible for changing the national-bank interest-rate rule.

1. How does the allocation of regulatory authority affect coordination, expertise, and capture risk?
2. Which private or systemic risks remain outside the court’s doctrinal inquiry?