Reuters: Technology News: FTC asks Visa for information on debit card service

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FTC asks Visa for information on debit card service Nov 16th 2012, 19:47 Tweet Share this Email Print Regular, platinum and gold Visa cards are displayed in New York March 18, 2008. Credit: Reuters/Chip East Related News SEC gets more than 3,000 whistleblower program tips Thu, Nov 15 2012 Burnished by Starbucks, upstart Square battles payment giants Tue, Nov 13 2012 Retail credit card fee settlement gets preliminary OK Fri, Nov 9 2012 SEC denies request to delay transparency rule Fri, Nov 9 2012 Wall Street left to rebuild Obama ties after backing Romney Wed, Nov 7 2012 Analysis & Opinion Post-election SEC could emphasize enforcement over rule-writing, says former chair U.S. Treasury to move by year end on plan to exempt forex swaps, sources say Related Topics Investing Simplified » Tech » Regulatory News » Breakingviews » Fri Nov 16, 2012 2:50pm EST (Reuters) - The Federal Trade Commission (FTC) has asked Visa Inc to provide information on a debit card service that may have violated regulations related to the Dodd-Frank Act, the company said. The FTC's Bureau of Competition requested the company to provide information regarding violations of the Durbin amendment, Visa said in its annual 10-K filing with the U.S. Securities and Exchange Commission on Friday, The Durbin amendment, a part of the Dodd-Frank Act of 2010, lowered swipe fees that are charged by merchants every time a consumer makes a purchase using a debit card. The voluntary access letter was issued by the FTC on September 21 and the request focuses on information "related to the purposes, implementation, and impact of the optional PIN Debit Gateway Service", Visa said in the filing. However, the revenue generated by the service is not material to the company's financial statements, Visa said. The company disclosed in a May regulatory filing that the U.S. Department of Justice had asked for documents and information about its response to a new law and rules limiting debit card fees. Visa introduced a new fee structure in April called Fixed Acquirer Network Fee to push more transactions to its network that is likely to hurt other card processors. Shares of Visa were up more than 1 percent to $142.20 in afternoon trade on the New York Stock Exchange. (Reporting by Aman Shah and Sharanya Hrishikesh in Bangalore; Editing by Anil D'Silva) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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