Visa, Mastercard, PayPal, and Stripe have received letters from the Federal Trade Commission (FTC), warning the companies to end any policies or terms of service that may result in the “debanking” of customers.
“Though the FTC is not a federal banking regulator, the FTC’s remit includes significant elements of the financial-services space where actions akin to debanking have occurred,” the letters to the payment processors say.
