What does the rule propose?

The Debit Interchange Rate

Scenario One: Issuer-specific standards, a cap, and a safe harbor.

Any issuer can set interchange at 7 cents per transaction or less with no additional requirements.
If an issuer wants to exceed 7 cents per transaction, they will need to submit to the Fed a calculation of the “average variable cost” for each transaction, including ONLY costs that apply to the authorization, clearance, and settlement of that transaction.
No issuer may exceed 12 cents per transaction.

Scenario Two: A cap.

Scenario One: A debit card must have only two unaffiliated networks.

For example, a card fulfills the amendment’s requirements if it has one network for signature debit and one for PIN debit.

Scenario Two: A debit card must have more than one unaffiliated network for each type of authorization.

For example, a card must have two networks for signature debit AND two networks for PIN debit.