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FTC asks Visa for information on debit card service

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11/16/2012 | 08:54pm CEST

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
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Financials ($)
Sales 2017 17 883 M
EBIT 2017 11 905 M
Net income 2017 7 271 M
Debt 2017 12 932 M
Yield 2017 0,72%
P/E ratio 2017 30,84
P/E ratio 2018 23,45
EV / Sales 2017 12,5x
EV / Sales 2018 11,4x
Capitalization 210 323 M
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Number of Analysts 36
Average target price 102 $
Spread / Average Target 12%
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NameTitle
Alfred F. Kelly Chief Executive Officer & Director
Ryan McInerney President
Robert W. Matschullat Chairman
Vasant M. Prabhu Chief Financial Officer & Executive Vice President
Rajat Taneja Executive Vice President-Technology
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