Bank Nerd Corner The Old and New Legal Challenges to Exporting Interest Rates
Bank Nerd Corner welcomes Andrew Grant, a regulatory attorney at Runway Group, to discuss the 1978 U.S. Supreme Court case Marquette National Bank of Minneapolis v. First of Omaha Service Corp.
This seminal banking case involves national banks, interest rate exportation across states and the important question of where a loan is made. This decision and a subsequent act of Congress made interest rate exportation a mostly settled question for decades and led to an explosion of nation-wide competition for credit products, but will that be true going forward? Andrew shares how a recent court case and potential actions from state legislatures throw a new wrench into the mostly unchanged landscape of where loans are made and what that means for the interest rates they carry.
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