Visa U.S.A. Extends Nonbank Moratorium

NEW YORK - Visa U.S.A. voted Tuesday to extend a moratorium on new nonbank members until Dec. 9.

The San Mateo, Calif.-based card association said it needs the additional time to complete a review of its membership structure. Visa originally adopted a six-month moratorium on non-banks last December and voted to extend it in June.

The membership moratorium applies only to new applicants that are owned by companies outside the banking industry. The card association is currently embroiled in a federal lawsuit to prevent Sears, Roebuck and Co. from offering a no-fee Visa card.

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