VISA publishes this 891 page document,
Visa Core Rules and Visa Product and Service Rules:
Originally Posted by Page 78
A Member must obtain prior written approval from Visa for all of the following:
Proposed designs for all form factors intended for use in Visa payments in a physical or digital
form.1,2 These must be submitted to Visa before production and each time the design is
changed
I read this to mean that each and every card design or revision must be submitted to, and approved by, VISA. I assume MasterCard has a similar requirement. An issuer could not decide to issue a card using obsolete versions of the network's trademarks without explicit approval.
Citi was once the world's largest issuer of VISA cards. They famously split because VISA would not allow Citi to issue the Chairman card with the network logo on the back side. VISA insisted it must appear on the front. MasterCard agreed, and the card was issued on MasterCard network, and today most Citi cards are MasterCards.