City National Bank v. Edmisten

HARRISON L. WINTER, Chief Judge:

Plaintiffs, five national banks and two state-chartered federally insured banks, sought a declaratory judgment from the district court that an annual “membership fee” which they propose to charge holders of bank credit cards would not violate North Carolina’s usury laws if added to the interest currently charged on credit card accounts. On cross motions for summary judgment, the district court granted a declaratory judgment as sought by plaintiffs. Defendant appeals the judgment on the merits, raising, among other issues, the question of jurisdiction. We…