How are listing agents allowed to share cooperative compensation with buyer's agents?

This is where all the confusion currently exists. The information provided in this answer comes from the NAR Settlement FAQs page. Specifically, we will be referencing Questions numbered 34, 41, 42, 43, and 44.

The MLS is NO longer allowed to contain a field regarding the cooperative compensation rate. The MLS is also not going to allow any reference to rates. However, the agents are allowed to share links on the MLS to a listing broker's contact information (e.g. telephone number, broker's preferred communication method, etc.) This could be a link to a mobile business card (like the MBizCard that was developed by the same team that developed REA Rates). NAR notes that any link on a MLS listing cannot go to a website page where "with a single click on the MLS listing, would immediately display an offer of compensation." REA Rates complies to this recent update as it allow for multiple ways that the information is 2+ clicks away from the MLS.

~ Questions 41 and 44

In addition, agents are allowed to communicate offers of compensation on a broker website. "MLS Participants may augment MLS data or data feeds with offers of compensation to buyer brokers or other buyer representatives for only listings of their own brokerage."

~ Question 42

REA Rates does NOT use MLS data or data feeds directly or indirectly to establish or maintain a platform of offers of compensation from multiple brokers to buyer brokers or other buyer representatives. The ONLY information that is in REA Rates is the address of the listing which is public information and not MLS data. In addition, REA Rates does not allow for agents to search listings. Each agent has their own unique listing URL and when a buyer's agent visits that link, only the listing agent's active listings are visible. 

~ Question 43

Any information shared on a website regarding compensation rates must be accurate, truthful, and approved by the seller after full disclosure. This complies with the ethics and transparency that is required by the NAR.

~ Question 34