HOUSING BILL MANDATES ACQUIRERS REPORT TRANSACTIONS.

The article reports that merchant acquirers would have to report their retailers' credit and debit card transactions to the U.S. Internal Revenue Service as part of a provision of the Housing and Economic Recovery Act of 2008. It mentions that under the provision, a merchant acquirer would have to submit the name, address, taxpayer identification number and the gross amount of credit and debit card transactions for each of its merchant customers.