MasterCard Inc. spent $720,000 in the first quarter lobbying on credit card rules, proposals to fight identity theft and other issues, according to a recent disclosure report.
Congress has stepped up its scrutiny of the fees MasterCard and its rival Visa Inc. charge retailers for processing credit and debit card transactions. Merchants complain that the fees are too high and are biting deeper as gasoline and other prices rise.
House and Senate bills would require the credit card companies to negotiate the fees with merchants, and if an agreement couldn't be reached, the fees would be set by a three-judge panel.
The company lobbied Congress against that legislation, and also lobbied on a bill that would limit the interest and penalties credit card issuers could charge customers.
The Purchase, N.Y.-based company also lobbied on a proposal that would require banks to provide advance notice before increasing interest rates, and place other limits on banks' ability to raise the rates on card purchases.
In addition, MasterCard lobbied on legislation involving data security, tax issues, and the use of credit cards to purchase illegal goods, such as those that infringe copyrights, according to a form filed April 18 with the House clerk's office.
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