The Fed’s regulation of interchange is a transforming event in the industry, with the full impact yet to be realized. What are the likely next legislative and legal actions that will further refine debit interchange in the U.S.? Does debit interchange regulation open the door to similar actions for credit and prepaid cards? What steps have issuers taken so far, and what further steps are they likely to take? What are the potential impacts to equity values for card issuers, networks and payment processors?