MasterCard spent $1.1 million lobbying in the second quarter of 2008 on, among other issues, the new credit card rules proposed by Congress and the Federal Reserve, according to Forbes. MasterCard’s credit card lobbying efforts cost it $720,000 in the first quarter of 2008.
Disclosures for lobbying spending in the first quarter of 2008 have been in for a couple months now - the data has been compiled and sifted and here are a few of the spending figures from credit card issuers and credit card payment processors:
Citigroup - $1.45 million (over a range of issues).
Visa spent $860,000 [...]
An Orlando Sentinel article tells consumers not to hold their breath for credit card reform from either the Federal Reserve or from Congress. It’s an election year and the credit card industry is putting strong pressure on Congress and the Federal Reserve to weaken reforms.
Discover Financial spent $160,000 in the first quarter lobbying against credit card reform proposals, reported Forbes.
Retailers are currently lobbying Congress to decrease interchange fees - the money paid by the retailer to Visa / MasterCard to process the credit card transaction by the consumer. Their bill is known as the Credit Card Fair Fee Act. Consumers are also lobbying for credit card reform. Does it make sense for [...]
