The Durbin Amendment is part of the Dodd-Frank Wall Street Reform Act. (Section 920) It was passed by the senate in May 2010 and took affect on October 1, 2011.

It was included in the Dodd-Frank bill by Senator Richard Durbin (D-Illinois). It requires the Federal Reserve to set what they consider reasonable and proportional rates and fees for debit interchange rate.

As a result of this ruling the Federal Reserve capped fees for debit cards at 21 cents per transaction for banks with over $10 billion in assets with a charge of 5 basis points (.05%) of the transaction value to account for fraud, and $.01 cent per transaction for fraud prevention. The interchange fees will end up around $.25 which is a decrease from the previous average of $.44 pre-Durbin. (This is based on an average sale of $38)