On June 29, 2011, the Fed announced the final regulation on the Durbin Amendment which went into effect on October 1, 2011. This final regulation caps interchange fees at $.21 per transaction plus 5 basis points for both PIN based and signature debit transactions for banks with over $10 billion in assets. Any institution with less than $10 billion in assets are exempt from the cap. More than 70% of the debit cards issued in the US are from banks with over $10 billion in assets which means merchants will see this cap in 70% of debit transactions.