Peter Mair - (02 42 961910)  pmair@speedlink.com.au

2/84 Kurrajong Street

Windang NSW 2528

Dear Peter 

I am a retired CBA Infrastructure banker that has expended well over 1,000 hours since early 2011 seeking the RBA (Australia's Principal Regulator of the Payment System) to require Credit Card Issuers to apply the User Pays Principle to Credit Card Products because the RBA has breached its Statutory Duty to the detriment of Credit Cardholders with poor Financial Literacy Capacity for inter alia not informing the Federal Govt. as far back as late 1992 (obligated under Section 11(1) of the Reserve Bank Act 1959) that the RBA needed to re-impose a maximum interest rate cap (limit) on Credit Cards because the spread between the Overnight Cash Rate and the standard Purchase interest rate exceeded 16% (in June 1992).  Whereas when the 18% interest rate cap on all Credit Cards was removed by the RBA in April 1985, the spread was less than 1%, which is why that 18% cap was removed.

1st Attachment is my long letter to the RBA (on CDs and A4) dated 8 Dec 2011 seeking application of the User Pays Principle to Credit Cards because Credit Cardholders with poor Financial Literacy Capacity were suffering Extreme Financial And Emotional Distress.

2nd Attachment lists legislation and MoU's that I have referred to in understanding the RBA's statutory obligations.

During the last nine years, I have reviewed your submissions and articles listed in 3rd Attachment.

4th Attachment is evidence that I gained a Masters in Applied Finance Degree at Macquarie after obtaining a BEc 20 years earlier there.

Would you read my -

*        5th Attachment which is my DRAFT letter to Michael West Media tentatively dated 10 July 2020;

*        6th Attachment that is Annexure A in my DRAFT letter to Michael West Media

*        7th Attachment that is Annexure B in my DRAFT letter to Michael West Media that I will provide to Michael West in 2 @ CDs and 2 @ USB Sticks as my 7th Attachment contains a lot of embedded threads to facilitate appraising my afore-mentioned allegations that the RBA has breached its Statutory Duty to the detriment of Credit Cardholders with poor Financial Literacy Capacity.

RBA to meet the Parliament on May 31, 2002 - Crikey - May 19, 2002

CREDIT CARD SCHEMES - EXCESSIVE FEES AND INTEREST CHARGES - PETER MAIR / SUBMISSION TO SENATE STANDING COMMITTEE ON ECONOMICS - April 2015

Reserve Bank of Australia and Credit Cards - Peter Mair, Finance and Banking Writer, ABC's RN - 29 August 2002

Should public servants ever express their personal or political views in public?

COMING CLEAN -  24 July 2017

HIDDEN TAXES IN RETAIL BANKING - UNLEGISLATED – UNWRITTEN – UNSEEN – UNSPOKEN - SUBMISSION TO TREASURY: WHITE PAPER ‘BETTER TAX’ REVIEW - 28 May 2015

REGULATORY FAILURE & REGULATORY REFORM - SUBMISSION TO 2014 FINANCIAL SYSTEM INQUIRY  - 2014

SUBMISSION TO COUNCIL OF FINANCIAL REGULATORS - STORED VALUE PAYMENTS FACILITIES