Peterson

In this action for mandamus and injunctive relief, plaintiff, a credit cardholder of defendant, Wells Fargo Bank (the “Bank”), a national banking association organized under and pursuant to the National Bank Act, 12 U.S.C. § 21 et seq., challenges the Bank’s power to increase the annual finance charge on the outstanding balances of its customers who hold Master Charge or VISA credit cards and charges it with “unfair competition” under § 17200 et seq. of the California Business and Professions Code. Defendant filed a motion for summary judgment and plaintiff responded' with a cross-motion for summary judgment. For the reasons discussed below, the Court grants the Bank’s motion for summary judgment and denies plaintiff’s cross-motion for summary judgment.

I

A

The seeds of this dispute were planted when Congress enacted the Credit Control Act in 1969, 12 U.S.C. § 1901 et seq. (the “Act”), which empowers the President to authorize the Board of Governors of the Federal Reserve System (the “Board”) to regulate credit when the President deems such regulation necessary to control inflation. See 12 U.S.C. § 1904 . The Act lists broad categories of action which the Board may…