The Chair of the U.S. Federal Trade Commission (FTC), Andrew N. Ferguson, has issued warning letters to the chief executives of PayPal, Stripe, Visa and Mastercard regarding concerns that consumers may be denied access to financial services on the basis of their political or religious views. The letters remind the companies of their obligations under the FTC Act and signal the possibility of enforcement action if unlawful practices are identified.
In the correspondence sent on 26 March 2026, the FTC expressed concern about publicly reported cases in which financial services companies allegedly restricted or terminated services for customers because of their political affiliations, religious beliefs or other lawful activities. According to the agency, such practices could undermine individuals’ ability to participate fully in the financial system.
FTC Chairman Ferguson points out that access to financial services is essential for participation in commerce and public life. He stated that law-abiding individuals must be able to operate legitimate businesses and access financial infrastructure without facing exclusion based on their beliefs or lawful conduct. He also referred to a presidential executive order issued on 7 August 2025 addressing so-called “debanking,” which states that denying financial services to lawful customers because of political affiliations, religious beliefs or legitimate business activities is unacceptable.
The letters warn that removing customers from financial platforms, denying them access to financial products or services, or facilitating such conduct by other companies could potentially violate the FTC Act if those actions are inconsistent with companies’ terms of service or with customers’ reasonable expectations. The FTC noted that such conduct may constitute unfair or deceptive practices and could lead to formal investigations or enforcement proceedings.
The agency also pointed to its recent enforcement activity in the financial services sector. In recent years, the FTC has brought several cases against payment infrastructure providers and related entities for alleged unfair or deceptive practices, including misleading merchants about fees and contract terms and enabling fraud against consumers through payment networks.
The warning letters form part of the FTC’s broader mandate to protect consumers and ensure fair practices in the marketplace. While the letters do not constitute formal enforcement actions, they indicate that the regulator is closely monitoring the practices of major payment platforms and may intervene if evidence emerges that consumers are being unfairly excluded from financial services.
