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Visa, Mastercard, PayPal, Stripe warned of debanking consequences (www.bankingdive.com)
submitted 5 months ago by to c/technology@lemmy.world
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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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[–] 4 points 5 months ago (2 children)

They can use loans yes, but it's still not what debanking means.

Btw executives get stock options because the board of directors think that gives them incentive to get the stock price up. And deferred taxes yes.

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  • [–] 2 points 5 months ago (1 child)

    You're being pedantic.

    There are multiple types of de-banking. One explicitly applie:

    "Debanking refers to the practice by financial institutions of declining or limiting financial services to businesses across whole sectors if they are assessed as having a higher money laundering and terrorism financing (ML/TF) risk."

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