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 se...
The FTC's warning to payment providers and networks is a response to concerns about potential debanking practices that allegedly discriminate against customers based on their political or religious views. The FTC's letter to Visa noted that the company's terms and policies cover a wide range of service aspects, including merchant eligibility, use of its card network, information requirements, data security, account termination, and dispute resolution. It emphasized the importance of ensuring tha...