Saturday, August 9, 2008

Visa Lobbies Against Proposed Changes

How do credit card companies spend their money? Well according to this story, Visa spent $1.5 million lobbying against proposed changes in laws regarding penalties and fees that credit card issuers can charge.

As Congress has taken up the review of legislation to protect consumers against unfair increases on interest rates, and limiting the penalties they can charge customeres, Visa has been lobbying heavily to prevent such legislation from passing.

They also lobbied against legislation that would limit the fees that credit card companies could charge merchants for processing credit card purchases.