this post was submitted on 29 Mar 2026
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Visa, Mastercard, PayPal, Stripe warned of debanking consequences (www.bankingdive.com)
submitted 7 hours ago by themachinestops@lemmy.dbzer0.com to c/technology@lemmy.world
23 comments fedilink hide all child comments
 

The CEOs of Visa, Mastercard, PayPal Holdings and Stripe received letters Thursday from Federal Trade Commission Chair Andrew Ferguson, who demanded they not discriminate against customers based on political or religious grounds.

The FTC threatened enforcement action if customers are denied services for those reasons.

Any act to “deplatform customers or deny them access to financial products or services” may violate the Federal Trade Commission Act and “could lead to an FTC investigation and potential enforcement action,” the agency said in a Thursday press release. The FTC didn’t cite any specific infractions by the companies.

The commission is typically made up of five members, but has just two at the moment. President Donald Trump last fired two of the Democrats who sat on the commission.

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[–] someguy3@lemmy.world 105 points 7 hours ago* (last edited 6 hours ago) (1 children)

This is interesting.

Trump sued JPMorgan Chase and its CEO, Jamie Dimon, in January for $5 billion over what he alleged was the bank’s improper closure of his accounts in 2021 for political reasons. The bank is fighting the claims. The Trump Organization, led by the president’s sons, also sued Capital One last year over similar debanking allegations, and a federal judge last week dismissed that lawsuit, but gave the plaintiffs time to refile.

Following that link:

Trump sued JPMorgan and Dimon last month, seeking at least $5 billion in damages. He claims the alleged debanking came after Trump supporters stormed the U.S. Capitol on Jan. 6, 2021, shortly before the end of the president’s first term.

So that's what this is about.

[–] pulsewidth@lemmy.world 87 points 6 hours ago

Trump has been debanked since the late 90s by almost all US banks, because when you bankrupt two casinos and frequently spend time with mobsters they considered loans to you "high risk" for some reason.

He's been getting loans via Europe (mostly Deutschbank.. which is also Putin's bank of choice), and Russia, for 30 years.

That is, until he won the lottery by convincing the stupidest people alive to vote him into the highest seat of power.

So now it's payback time against all the banks he thinks wronged him.