President Obama signed into law an overhaul of banking and Wall Street regulations Wednesday. One part of the legislation includes the Federal Reserve regulating debit cards fees that businesses pay per transaction.

As a small business, Mango Latin Bistro owner Doris Clegg says they decided to accept credit cards but not debit cards because of the fees that banks and payment networks like Visa and MasterCard charge retailers per transaction.

Clegg said "Just for customer service we let them buy anything even from a dollar to a full meal and it cost us but we have to do it as customer service."

In the financial reform legislation that was recently signed into law by President Obama Wednesday the Federal Reserve will regulate debit card fees.

The law says interchange transaction fees for debit transactions have to be "reasonable and proportional".

"We do make money off that it is income for us but at the same time. If there's a fraudulent transaction the bank is the one that eats the fraud," said Dave Hines, senior vice president of Community Bank.

Hines said it's too early to tell if consumers will be paying at the bank to possibly make up for lost income from limiting interchange transaction fees.

An exclusion applies to banks with less than $10 billion of assets.

In addition the law allows retailers to offer discounts to customers who use certain payment methods and it enables merchants to set a minimum transaction limit for credit cards which can't exceed $10.

In the meantime small businesses and banks are waiting to see what the Federal Reserve will decide.

The Federal Reserve has nine months to set and announce its regulations on interchange transaction fees.