Business
FTC Issues Warnings to Payment Processors Against ‘Debanking’
The Federal Trade Commission warned four leading payment processors against denying customers access to financial services due to their political or religious views.
The letters, sent by FTC Chair Andrew Ferguson to the chief executives of , Visa V -3.28%decrease; red down pointing triangle, PayPal PYPL -3.56%decrease; red down pointing triangle and Stripe, cited President Trump’s August executive order on “debanking,” which Ferguson said “makes clear that it is unacceptable to debank law-abiding citizens due to ‘political affiliations, religious beliefs, or lawful business activities.’”
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