The Federal Trade Commission today sent letters to four payment service providers to warn them from engaging in alleged “debanking” activities.
In letters to PayPal, Stripe, Visa and Mastercard, FTC Chairman Andrew Ferguson cites media reports of financial services companies allegedly denying customers access to services because of their political or religious views. The letters reference President Trump’s executive order last year directing agencies to take action to prevent debanking.
Any act or practice to deplatform customers or deny them access to financial products or services, or to facilitate such conduct by other companies, could lead to an FTC investigation, the letters state.
