Interchange fees. Interchange fees. A much heated debate that’s been much ado about nothing until today. American Banker reports that after weeks of fierce lobbying by bankers and retailers, the Senate defeated a bill that would have delayed the proposal to cap interchange fees for debit cards.

The bill by Sens. Jon Tester, D-Mont., and Bob Corker, R-Tenn., won only 54 votes — 6 shy of the necessary 60 — while opponents rallied 45 members to their cause. The bill would have forced the Fed to suspend its current rulemaking process and produce a study in six months of the impact of interchange rules. The agency would have had six more months to rework the plan to ensure it did not hurt small banks