A U.S. presidential review of financial regulations-and recent executive orders signed by President Donald Trump-has opened a further front in long-standing political battles over debit processing caps, the federal consumer finance regulator, and prepaid rules.

That action ordered a probe of the post-financial crash Dodd-Frank Act, which brought in the Durbin Amendment capping debit card processing fees and set up the Consumer Financial Protection Bureau (CFPB).

The presidential action fulfills a campaign promise to review and revise regulations the president believes are constraining business.

Kevin Leitão, of counsel covering consumer finance at Ballard Spahr in New York, said that the payments industry had "a big stake in" the review of Dodd-Frank.

"The Durbin Amendment to Dodd-Frank has had a chilling effect on innovation and product development of debit and prepaid products by financial institutions," he told PaymentsCompliance.

According to Leitão, both debit and prepaid account issuers want better deals on interchange than they can have now, and innovation has been held back by the network routing rules for processing transactions, which are also part of the amendment.

"Overall, the growth of debit and prepaid have been held back by the Durbin Amendment, despite the fact that consumer advocates generally view asset accounts more favorably than credit accounts," he said.