As promised, big news on intercarrier compensation at this week’s open meeting of the FCC. The Commissioners voted to advance a Notice of Proposed Rulemaking designed to accelerate network modernization and expedite the transition to an all-IP network. But the proposals come with plenty to analyze for ILECs, including capping intrastate originating switched access and transitioning certain access rates to bill and keep over a two-year period. The Commission will seek comments for 60 days after publication in the Federal Register.