The idea that regulation thwarts innovation is hardly new. And when it comes to Dodd-Frank's Durbin Amendment, which places limits on debit card swipe fees, we've heard some interesting variations.

One argument, from a tech company lobbying group, is that reduced revenue from interchange fees will force banks and card companies to cut back on investment in online security. The original theory behind interchange fees was that the revenue would help pay for credit and debit card security measures, where additional investment is critical.

Another variant of the argument was floated recently by a top AT&T executive who told The Hill that the vaunted Isis NFC-based mobile payments consortium--led by AT&T, Verizon Wireless and T-Mobile USA--ended up scuttling plans to launch a mobile payments processing network to compete with Visa and MasterCard due in large part to the amendment. Instead of building a competing network, Isis reached out to Visa and MasterCard to join the consortium, which ended up being big news for the future of mobile payments.

The war on the Durbin Amendment has certainly heated up. Banks, card companies and technology firms that share a common lobbying agenda have been in overdrive to scuttle the amendment ahead of its July implementation date. The notion that the amendment will harm innovation and security is certainly an interesting tactic, and one that plays to larger fears about the financial services industry. We'll see if the tactic works.

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