Justice William J. Brennan Jr. wrote that the 1863 law permitted a national bank to charge interest at the rate allowed by the regulations of the state in which the lending institution is located. On July 25, 1979, the Iowa Supreme Court overturned their decision that was made on August 30, 1978.
Justice William J. Brennan Jr. argued that the 1863 law allowed a national bank to charge interest at the rate set by state regulations in its location. On July 25, 1979, the Iowa Supreme Court reversed their decision from August 30, 1978.