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U.S. regulators have issued warnings to payment companies like Visa regarding the issue of "de-banking."
According to Bloomberg, Andrew Ferguson, the chairman of the U.S. Federal Trade Commission, sent letters to payment companies such as Visa, Mastercard, PayPal, and Stripe, warning them not to refuse services based on users' political views or religious beliefs.
Ferguson stated that preventing law-abiding individuals from conducting legitimate business is not in line with American values. This move comes as the Trump administration focuses on the issue of "de-banking," with the government previously suing JPMorgan Chase and its CEO Jamie Dimon, accusing the bank of cutting off services to Trump and his businesses for political reasons. The Trump Organization has also sued Capital One Financial Corp., alleging political discrimination. Both JPMorgan Chase and First Capital deny the allegations. Stripe responded that it would not restrict services based on political views.
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