UPDATE 1-Visa CEO visits Washington over card fees

Wed May 19, 2010 5:57pm EDT

* CEO highlights "negative consequences" of amendment

* Visa shares down 15 pct since Senate vote

By Maria Aspan

NEW YORK, May 19 (Reuters) - Visa Inc (V.N) Chief Executive Officer Joseph Saunders visited lawmakers in Washington, DC, on Wednesday in an attempt to forestall legislation that would restrict debit card fees.

Saunders traveled to Washington "to highlight the negative consequences that would result from Senator Durbin's anti-consumer amendment," Visa Spokesman Will Valentine said in an email on Wednesday.

The Senate approved an amendment to the financial regulation bill on Thursday that would limit so-called interchange fees. The fees are a major source of revenue for banks and, indirectly, for payments networks Visa and MasterCard Inc (MA.N).

Visa shares have fallen about 15 percent since Thursday, although they closed up 4.1 percent on Wednesday at $72.97. (Reporting by Maria Aspan; editing by Andre Grenon)

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