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Debanking · FTC · Payment Processors · Regulation
FTC Chairman Andrew N. Ferguson issued warning letters to PayPal, Stripe, Visa, and Mastercard, reminding these major financial platforms of their obligations under the FTC Act and cautioning against denying customer access based on political or religious views, which risks investigation and enforcement.
The letters specifically address publicly reported instances where financial services companies denied customers access to services due to their political or religious views. Chairman Ferguson emphasized that "Full participation in commerce and public life necessarily requires that law-abiding individuals can access, and freely participate in, our financial system." The FTC explicitly warned these companies that deplatforming customers or denying access to financial products or services, if inconsistent with their terms of service or customer expectations, violates the FTC Act.
Such violations will result in an FTC investigation and subsequent enforcement action.
A bipartisan pair of U.S. senators are introducing legislation to prohibit CFTC-regulated entities from listing contracts related to sporting events.
