the cap will hurt the smaller bank and credit union. correspondent james rosen shows us which side won. the amendment is not agreed to. with that, the senate dealt a blow to effort by financial institutions to stave off a loss of $10 billion a year starting july 21. that is when a new federal reserve rule will take effect on swipe fees. the money that merchants and retailers pay to banks and companies like visa, mastercard every time a customer ploppings down the plastic they found the swipe fee of 44 cents per transaction and posed that it be capped at 12 cents. visa and mastercard and issuing banks that tissue debit cards. they hate this interchange fee regulation like the devil hates holy water. today s failed amendment would have delayed the fed s action by a year. supports predicted banks and credit and debit card issuers would pass new costs on to consumers.