Analysis of information sources in references of the Wikipedia article "Marquette National Bank of Minneapolis v. First of Omaha Service Corp." in English language version.
With bipartisan support and backing from South Dakota's banking association, Janklow proposed a special 'emergency' bill. 'Citibank actually drafted the legislation,' he said. 'Literally we introduced it, and it passed our legislature in one day.'"
At that time, many states had usury restrictions in place that limited the interest rates that could be charged on consumer loans, including credit card operations. It was these limits on interest rates that were primarily responsible for the losses suffered in the high-inflation, high-interest rate years of the 1970s. Confronted with an inability to cover their costs, bank card issuers responded by retrenching their operations and reducing their now-unprofitable credit card operations.
