The chairman sent letters to major financial companies citing obligations under consumer protection law.
Federal Trade Commission (FTC) Chairman Andrew Ferguson sent letters to the chief executives of PayPal, Stripe, Visa, and Mastercard, reminding them of their obligations under the FTC Act regarding customer access to financial services. The letters referenced publicly reported instances in which customers were allegedly denied services and stated that companies may face investigation if they restrict or assist the restriction of access to financial products in ways that disagree with stated policies or reasonable consumer expectations.
Chairman Ferguson wrote that participation in commerce depends on access to financial systems and referenced a 2025 executive order addressing “debanking” based on political affiliations, religious beliefs, or lawful business activity.
“Full participation in commerce and public life necessarily requires that law-abiding individuals can access, and freely participate in, our financial system,” Chairman Ferguson wrote.
The FTC also noted that it has previously pursued enforcement actions involving payment platforms for alleged unfair or deceptive practices, including misleading terms and facilitating fraud, and said similar conduct could result in further review.
As the Lord Leads, Pray with Us…
- For FTC Chairman Ferguson as he endeavors to ensure financial institutions adhere to federal laws.
- For members of the FTC Commission as they evaluate compliance with consumer protection laws by financial service companies.
- For U.S. banking and financial officials as they seek to uphold transparency and accountability standards across financial systems.
Sources: Federal Trade Commission
