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In a Card View, the Action Icons are being treated as Text. When applying a Format Rule, assigning the Text color actually changes the Icon color. Assigning an Icon or Highlight color behaves as if there is not already an Icon assigned from the Action.
A secondary issue occurs when changing the Icon in the action. Even after a Save, the Card View is not updated. The Card View action must be updated by switching to a different action and then switching back again to the desired action before the NEW icon will be applied.
A third issue is that the Default highlight from the Format Rule shows on the right of the action Icon. Applying any actions in the Format Rule appear to the left of the action Icon. In other applications of Formatting these visual highlights ALWAYS show on the left hand side of the Text they are highlighting.
Setting Text color in Format Rule changes Icon color in Card View
Setting Both Highlight and Text colors in Format Rule changes Icon color AND adds Default Highlight Icon to the RIGHT of the Action Icon
Setting both colors and Icon in Format Rule changes Icon color AND adds Highlight Icon to the LEFT of the Action Icon
Secondary Issue - Updated Icon on Action only changes after editing the Card view by switching away from and back to the desired action
Thank you very much @WillowMobileSystems This for sure is a bug. But your hint is a tip for us to overcome this bug 
