The banking industry won a huge victory when the Federal Reserve--as it enacted the Durbin Amendment--decided to lift the cap on debit card swipe fees that merchants have long complained about.

The new cap of 21 to 24 cents per transaction, rather than the originally proposed 12 cents per transaction cap, will save the banking industry roughly $3.5 billion in annual revenue, according to a new report by Moody's, as noted by the New York Times. The decision to delay the implementation date of the new cap by two months was an added cherry on top.

While some in the industry are grumbling that the cap had survived at all, most likely feel a sense of relief. The hit from the Durbin Amendment changes the revenue picture substantially for some banks, many of which have already moved aggressively to make up for the projected lost revenue.

Moody's says that TD Bank and TCF Financial will be among the big winners from the higher cap. Wells Fargo and Bank of America will each still lose roughly $1 billion in annual revenue, but they will make that up via new fees. "Our view is that most, if not all, of the lost revenue will be made up gradually, probably over a period of several years, through a variety of revenue enhancement measures," Moody's said.   

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