Hello,
I am sure this question has come up before and I tried to do some searching first but I am still unsure to the answer.

Visa rules have the Currency Conversion Rate disclosure and that is printed in the Visa debit card application; however, is it also required to be in the Reg E Initial Disclosure? I know that it "can" be included, but is it required and if so, can anyone tell me where it's written in the reg?

It is required. See 1005.7(b)(5) and staff interpretations to that same citation:

(5) Fees. Any fees imposed by the financial institution for electronic fund transfers or for the right to make transfers.

3. Interchange system fees. Fees paid by the account-holding institution to the operator of a shared or interchange ATM system need not be disclosed, unless they are imposed on the consumer by the account-holding institution. Fees for use of an ATM that are debited directly from the consumer's account by an institution other than the account-holding institution (for example, fees included in the transfer amount) need not be disclosed. See § 1005.7(b)(11) for the general notice requirement regarding fees that may be imposed by ATM operators and by a network used to complete the transfer.