Senators could vote as early as today on an amendment aimed at regulating interchange fees as part of a bill to revamp the way financial services are regulated.

Senate Majority Whip Richard Durbin (D-Ill.) is sponsoring a measure that would authorize the Federal Reserve to ensure that debit card fees are "reasonable and proportional," in relation to processing costs. It would exclude credit unions and community banks with assets of less than $1 billion.

It would also allow merchants to set a minimum or maximum amount for each transaction and let them offer additional discounts for using a certain type of card or cash.

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