In an attempt to overthrow recently enacted regulatory rules, Visa International has filed suit against the Reserve Bank of Australia, the central bank of Australia.
“Visa has been left with no choice but to test in court whether the RBA had met its statutory obligations under the Payments Systems (Regulation) Act in determining what Visa regards as misconceived regulatory intervention in its credit card business,” said Gordon Wheaton, Visa’s executive vice president for Australia and New Zealand.
Mr. Wheaton said Visa’s action has the support of Australia’s four major banks, but when contacted later none were willing to directly back the legal proceedings.
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