Visa spends $1.53 million lobbying government about card issues, financial overhaul

Wednesday, August 25, 2010

Visa spent $1.53M lobbying government in 2nd qtr

WASHINGTON — Visa Inc. spent $1.53 million in the second quarter to lobby the federal government on credit card regulations and other issues, according to a disclosure report.

That’s up 14 percent from the $1.34 million that the San Francisco-based payment processor spent in the year-ago period, and a 37 percent leap from the $1.12 million it spent in the first quarter of 2010. Sweeping new legislation this year has changed how credit card companies are able to hike interest rates, charge over-the-limit fees and apply payments.

Visa also lobbied the federal government on legislation involving overdraft coverage, the creation of a consumer financial protection agency and other aspects of the financial regulatory overhaul that President Barack Obama signed into law last month, according to the report filed on July 20.

Other issues Visa raised with lawmakers and regulators included cybersecurity, personal data privacy and protection, and the tax code.

In the April-to-June period, Visa representatives lobbied Congress, the Federal Reserve and the Federal Trade Commission, according to the report filed with the House clerk’s office.

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