The Merchant Payments Coalition, an association of retailers and retail associations opposed to card interchange, expressed hope that the European move might lead to changes in policy in the U.S.

“We welcome (Durbin's and Welch's) request for the Federal Reserve to review the European Commission's proposal to reduce swipe fees on debit and credit cards,” the MPC said in a July 26 statement.

“The EU proposal confirms what close observers long have known. The Fed caved to the bank lobbying on debit reform in a way that simply can't be justified by the facts. The European Union has consulted experts and studied swipe fees for years and found that limiting debit fees to 0.2% helps consumers, merchants and the economy while giving banks are card companies plenty of profit. With this evidence, the Fed should recognize it made a mistake and change its rule to benefit everyone,” the MPC said.

Meanwhile, financial institutions which have banded together to defend card interchange pointed out that the claims of merchants have worn very thin.

“These same retailers who are receiving an $8 billion windfall every year as a result of the Durbin Amendment are now turning around and demanding even more, even though consumers haven't seen any savings at the register,” noted Sam Fabens, spokesman for the Electronic Payments Coalition. ” Enough is enough — these tired old arguments and this battle have been put to bed.”