this post was submitted on 29 Mar 2026
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Visa, Mastercard, PayPal, Stripe warned of debanking consequences (www.bankingdive.com)
submitted 3 days ago by themachinestops@lemmy.dbzer0.com to c/technology@lemmy.world
71 comments fedilink hide all child comments
 

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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[–] 9488fcea02a9@sh.itjust.works 3 points 1 day ago* (last edited 1 day ago) (1 children)

Billionaires are not the 1%... they're the 0.1% of the 1%...

I hate that occupy wall street picked such a stupid number to pick fights with. 1% is like a high earning doctor. Well off, but not like wealthy enough to buy votes and sway elections...

[–] pulsewidth@lemmy.world 5 points 1 day ago

Arguing semantics is kinda pointless when the message is that wealth needs to be distributed far better.

Nobody at Occupy was protesting that just the billionaires need to be taxed much more and the ten-millionaires* should stay just as-is.

*The top 1% in the USA have roughly $12 million USD net assets as of 2025. That is far more than they need to live a very comfortable life with many luxuries.