Saying that it would be unfair to small businesses to not havemore regulation of debit interchange fees, Senate Majority LeaderHarry Reid said he will oppose any efforts to delay implementationof the Durbin Amendment but might allow a vote on the issue.

Reid has promised a vote on the amendment proposed by Sen. JonTester (D-Mont.) to delay by two years the effective date of aFederal Reserve rule regulating debit interchange fees.

Reid supported the Durbin Amendment to the financial overhaulbill last year as did most Senate Democrats. The amendment passed64-33.

It hasn’t been determined what bill the Tester amendment wouldbe attached to but several financial services lobbying sources saidthey don’t expect a vote to happen until next week at theearliest.

The amendment needs 60 votes to overcome a filibuster thatDurbin has said he would mount against the amendment. Withoutthe filibuster, the amendment would need 51 votes in the 100-memberchamber.

Tester at one point said he had the 60 votes. But more recentlya spokeswoman said simply they expect to have the votes when thevote takes place.

Credit unions and banks have been pushing Tester’s amendment, which would call for a study of the issueby financial regulators including the NCUA, because they contendthat the fee limits in the proposed Fed rule don’t cover costs forfraud prevention.

They also express concern that the provisions aimed atprotecting small-card issuers aren’t workable and that merchantswould discriminate against cards from those issuers because theywould have to pay higher fees.

The Fed issued a draft rule in December and was supposed toissue a final rule next month but has been delayed in doing sobecause it is still going through the large number of comments itreceived on the proposal.

The final rule is supposed to take effect in July. Acording tothe proposedrule, the allowable costs for interchange would be limited tono more than the issuer's allowable costs divided by the number ofelectronic debit transactions on which the issuer received orcharged an interchange transaction fee in the calendar year. Or theissuer could receive debit interchange capped at 12 cents pertransaction.