Recall that Dodd-Frank, via the Fed, imposed some severe caps on the interchange fees generated by debit card swipes. Banks have been fighting back hard, as they sense regulatory weakness, ahead of the July 21 take-effect date. A recent twist is that technology firms are now weighing in--on the side of the big banks.

TechNet, a lobbying group for the likes of Apple, FaceBook, Google and Visa, has asked that lawmakers delay the implementation of the new fees, which will crimp interchange fee revenue for big banks and card companies, reports Bloomberg.

The issue for the lobbying group is online security. It argues that banks and card companies may be forced to cut back on investment in online security due to the reduced revenue from interchange fees. The theory behind interchange fees originally was that the revenue would help pay for security measures.

This will no doubt be seen as a red herring from the proponents of the Durbin Amendment. Retailers' lobbying groups will also likely make their voices heard on this issue. They favor the cuts and can dangle a powerful incentive in front of lawmakers: that the rule will lead to expense reductions that these companies can pass on to consumers. That will likely resonate at a time of high inflation for food and other basics.

As the deadline approaches, banks will have to pull out all the stops if they want to head off the fee cuts.

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