WASHINGTON (

TheStreet

) -- Banks and card networks including

MasterCard

(MA) - Get Report

and

Visa

(V) - Get Report

are likely to get more clarity on interchange fees next week.

The

Federal Reserve

is expected to meet on December 16 to discuss proposed fee caps for debit-card interchange fees, according to

Bloomberg

.

Passed under the Durbin Amendment as part of the greater financial reform package, the measures seek to limit how much banks can charge merchants on debit interchange. However it is Visa and MasterCard that set the so-called swipe fees.

The amendment requires that interchange fees be "reasonable and proportional to the cost incurred by the issuer."

Banks' Debit Debate

The changes are likely to significantly cut into card-issuer profits to the point where some banks, including

JPMorgan Chase

(JPM) - Get Report

and

Wells Fargo

(WFC) - Get Report

, are reconsidering their debit card businesses. The banks say that while debit cards are unlikely to go away, perks and rewards that come with the use of cards will be limited if any, going forward.

Bloomberg

says that Fed board members will vote to seek public comment on proposed debit interchange limits, citing sources familiar with the matter. Debit-card network fees are excluded under the Dodd-Frank Act.

-- Written by Laurie Kulikowski in New York.

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Laurie Kulikowski

.

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