Discover Financial Services spent $280,000 in 2nd quarter lobbying on financial overhaul

Discover Financial spent $280,000 lobbying in 2Q

NEW YORK — Credit card issuer Discover Financial Services Co. spent $280,000 on lobbying in the second quarter, focusing on the financial regulatory overhaul and credit card reform, according to a recent disclosure report.

That’s up from the $250,000 the Riverwoods, Ill.-based credit card issuer spent in the year-ago period, and more than the $220,000 it spent in the first quarter. Sweeping new legislation this year has changed how credit card companies are able to hike interest rates, charge over-the-limit fees and apply payments.

Discover also lobbied on tax issues in the April-to-June period, according to the form filed July 19 with the House clerk’s office.

Among the specific issues that Discover discussed with members of Congress was interchange fees, the fees that merchants pay for credit and debit card transactions to be processed. Merchants have maintained that the fees are too high. Banks and credit card processors say the fees take into account the cost of setting up and maintaining a secure and sophisticated debit payment system.