FTC Warns Visa, Mastercard, PayPal and Stripe on Debanking — What It Means for Payment Stocks

TLDR

• The FTC sent warning letters to the CEOs of Visa, Mastercard, PayPal, and Stripe over debanking concerns
• FTC Chair Andrew Ferguson cited Trump’s August 2025 executive order banning debanking based on political or religious views
• Ferguson warned that violations could trigger FTC investigations and enforcement actions
• Stripe was specifically called out for cutting off Trump’s campaign payments after January 6, 2021
• Trump has also sued JPMorgan Chase for $5 billion over alleged politically motivated account closures

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The Federal Trade Commission has sent warning letters to the chief executives of four major payment processors — Visa, Mastercard, PayPal, and Stripe — warning them against denying customers financial services based on their political or religious views.

Visa, Mastercard, PayPal and Stripe received letters from a Washington antitrust regulator warning the firms not to deny customers access to services based on their political or religious views

— Bloomberg (@business) March 26, 2026

FTC Chair Andrew Ferguson issued the letters, pointing to President Trump’s executive order from August 2025 on debanking. That order states it is “unacceptable to debank law-abiding citizens due to political affiliations, religious beliefs, or lawful business activities.”

Ferguson warned that denying customers access to services in ways that conflict with a company’s own terms of service could result in an FTC investigation and possible enforcement action under the FTC Act.

“Full participation in commerce and public life necessarily requires that law-abiding individuals can access, and freely participate in, our financial system,” Ferguson wrote.

The letters to PayPal and Stripe went further. Ferguson said concerns had been raised specifically about those two companies denying services to customers based on political or religious views.

Ferguson pointed to Stripe’s move to stop processing payments for Trump’s 2020 campaign website after the January 6, 2021, Capitol riot. At the time, Stripe said the account violated its policies against encouraging violence.

None of the four companies responded to requests for comment at the time of reporting.

Trump’s Broader Push Against Debanking

This is part of a wider effort by the Trump administration to pressure financial institutions over alleged politically motivated account closures.

Trump sued JPMorgan Chase earlier this year for $5 billion, claiming the bank cut ties with him and his businesses for political reasons after January 6.

JPMorgan has denied the allegations, saying it does not discriminate based on politics. The bank called the lawsuit without merit and said it would defend itself in court.

Trump’s private company also sued Capital One last year, claiming the bank wrongfully closed more than 300 of its accounts in 2021.

The Office of the Comptroller of the Currency said in December that it had found early evidence that several major U.S. banks had improperly refused to do business with politically sensitive industries.

What the Regulator Said

Ferguson’s letters make clear that deplatforming customers in ways that go against their reasonable expectations could be treated as an FTC Act violation.

The FTC has not announced any formal investigations into the four payment processors at this stage.

Stripe remains a private company. Visa, Mastercard, and PayPal are publicly traded.

The warning letters are the latest step in the Trump administration’s ongoing scrutiny of how banks and payment companies manage customer relationships.

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