Debit cards are a popular form of payment and unfortunately, consumers are already seeing the impact of the proposed rule with a reduction of benefits including the loss of free checking and an increase in fees.

"We are encouraged that members of Congress on both sides of the aisle are calling into question the Durbin Amendment and that the consequences for consumers are being evaluated. Changes of this magnitude warrant serious thought and analysis and we hope that if Congress re-examines the Amendment and studies the effects, they will see that the harms far exceed any perceived benefits and it will ultimately be repealed," said Noah J. Hanft, MasterCard general counsel. "The government establishing price controls rather than letting the free market system work will result in consumers paying for virtually all of the costs for the benefits merchants receive today, which amount to well in excess of $14 billion."