Wilmington, Delaware

:For other places called Wilmington, see Wilmington

Economy

As a result of the business laws of Delaware, Wilmington has become a national financial center for the credit card industry, largely because of regulations enacted by former governor Pierre S. du Pont IV. These laws eliminated the usuary laws enacted by most states, which removed the cap on interest rates that banks may legally charge customers. Many major credit card issuers, including MBNA Corporation, Chase Card Services (part of JP Morgan Chase & Co., formerly Bank One / First USA), and Juniper Bank, are headquartered in Wilmington. Many banks as well are "officially" headquartered in Wilmington, but operate out of other cities. The Dutch banking giant ING Groep N.V. headquartered its U.S. internet banking unit, ING Direct, in Wilmington.

Related Topics:
Credit card - Pierre S. du Pont IV

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Corporations also rely on the state's Court of Chancery to decide legal disputes, which places legal decisions with a judge instead of a jury. The Court of Chancery is know both nationally and internationally for its speed, competance, and knowledgable judiciaries. The Court of Chancery is based on a centuries old English legal system.

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