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FTC asks Visa for information on debit card service

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11/16/2012 | 08:54pm CEST
A Visa logo is seen during the International CTIA WIRELESS Conference & Exposition in New Orleans, Louisiana

(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)

Stocks treated in this article : Mastercard Inc, Visa Inc
Stocks mentioned in the article
ChangeLast1st jan.
MASTERCARD -1.08% 177.08 Delayed Quote.16.99%
VISA 0.19% 124.2 Delayed Quote.8.93%
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Financials ($)
Sales 2018 20 185 M
EBIT 2018 13 709 M
Net income 2018 10 049 M
Debt 2018 7 938 M
Yield 2018 0,66%
P/E ratio 2018 28,94
P/E ratio 2019 24,40
EV / Sales 2018 14,3x
EV / Sales 2019 12,9x
Capitalization 280 B
Chart VISA
Duration : Period :
Visa Technical Analysis Chart | V | US92826C8394 | 4-Traders
Technical analysis trends VISA
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 37
Average target price 138 $
Spread / Average Target 11%
EPS Revisions
Managers
NameTitle
Alfred F. Kelly Chief Executive Officer & Director
Ryan McInerney President
Robert W. Matschullat Independent Chairman
Vasant M. Prabhu Chief Financial Officer & Executive Vice President
Rajat Taneja Executive Vice President-Technology
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