WASHINGTON-A bruising lobbying effort waged by credit unions and banks failed last week to convince Congress to delay enactment of the Durbin amendment that will result in major cuts in debit fees over the coming months.

A majority of the Senate-which added the debit amendment to last year's Wall Street reform bill-voted for the delay, but the effort did not attract the 60 votes necessary under Senate rules. The vote was 54-to-45 in favor of the delay.

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