Norwest Corp. said it is transferring its $1 billion credit card portfolio from Norwest Bank Iowa to Norwest Bank Nevada.
Brian O'Hare, president of Norwest Card Services, said the move of the credit card business will take advantage of more favorable card issuing laws in Nevada.
"Iowa laws regulating the credit card business are more restrictive than the laws of the states where most of our competition is located," Mr. O'Hare said. "Nevada law gives card issuers more flexibility to set prices and other terms based on conditions in the competitive market rather than setting them by regulation."
The move will affect 40 of the 635 Norwest Card Service jobs in Iowa, the company said.