Nov 16 The U.S. 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 Sept.
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.