Norwest moving credit card business

Northwestern Financial Review, Oct 25, 1997 by Bengston, Tom

Norwest Moving Credit Card Business Norwest Corp. is transferring its $1 billion credit card portfolio from Norwest Bank Iowa to Norwest Bank Nevada on Dec. 31. Forty employees who work at Norwest Bank Iowa will see their jobs transferred to Las Vegas.

"iowa laws regulating the credit card business are more restrictive than the laws of the states where most of our competition is located," Brian O'Hare, president of Norwest Card Services, told the Associated Press. He also noted that Nevada law does not limit the amount a bank can charge for late payments and overcharges.