In so many ways, the war against Dodd-Frank is stepping up. The latest example is the intensifying effort to fight the Durbin Amendment, which limited interchange fees in theory, and new Fed regulations, which limited them more specifically.

The new upper limit on debit interchange fees charged to merchants is 12 cents for each transaction. Currently, the average fee is much higher, about 1 percent of the purchase price. The deadline for the rule, as laid out by Dodd-Frank, is April 21 with implementation no later than July 21.

This change to the debit card fee has given rise to an intense lobbying effort, one that aims to at least water down the draconian caps. Lobbyists are reaching out to Congressional and Fed officials all over again. According to the Washington Post, the industry will ask this week that Congress delay the implementation or scrap it completely.

We may see the Fed tinker with caps, perhaps allowing more for security spending or carving out a larger exemption for more small, community banks. At the consumer level, these fees will be offset one way or another. Many small banks say they will start charging monthly debit fees if the caps go through.

There's a lot of posturing going on. That's for certain. We will likely see the pro-reform get more aggressive as well. Merchants would be wise to make their voices heard as well.

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