|
|
Article: Credit card facilities moving to Virginia.(Business)
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- April 25, 1996
- Author:
CopyrightCOPYRIGHT 1996 News World Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Three Washington-area banks are moving their credit card administrative headquarters into Virginia, tempted by the state's loose regulation of consumer interest rates and card fees.
Chevy Chase Bank, Riggs National Bank and Key Federal Savings Bank recently applied to federal banking regulators to move their main credit card operations to Virginia, where there is no cap on the amount they can charge card holders.
Bankers argued in 1987 and 1992 in Richmond that a permissive state policy would encourage card-issuers to locate their facilities in Virginia, creating jobs in the state. Chevy Chase, which has made the move, has fewer than 100 employees at ...