this post was submitted on 29 Mar 2026
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Visa, Mastercard, PayPal, Stripe warned of debanking consequences (www.bankingdive.com)
submitted 9 hours ago by themachinestops@lemmy.dbzer0.com to c/technology@lemmy.world
24 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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[–] GreenShimada@lemmy.world 5 points 8 hours ago (1 children)

Realistically, it's likely that someone with money was denied access, and used their money to hire lobbyists to make this a political problem.

[–] LikeableLime@piefed.social 1 points 43 minutes ago

Trump was debanked after Jan 6th, this is just retaliation for banks choosing not to do business with fascists and insurrectionists.