Tag: banks

FTC Warns PayPal, Stripe, Visa, Mastercard Against Debanking

Federal Trade Commission Chairman Andrew Ferguson sent letters on Thursday to the CEOs of PayPal, Stripe, Visa and Mastercard, warning them against debanking practices — including denying access to services due to a customer’s lawful business activities.

“It is inconsistent with American values to deny law-abiding individuals the ability to run their legitimate businesses and feed their families because they attracted the ire of rogue American officials, overzealous activists, or, more worryingly, foreign governments seeking to control public discourse,” the letters read. “That is why President Trump’s August 7, 2025, Executive Order on debanking makes clear that it is unacceptable to debank law-abiding citizens due to ‘political affiliations, religious beliefs, or lawful business activities.’”

As XBIZ reported last year, that executive order prohibits banks, savings associations, credit unions or other financial service providers from restricting access to accounts, loans or other services on the basis of a customer’s lawful business activities “that the financial service provider disagrees with or disfavors for political reasons.”

Following Trump’s executive order, the Office of the Comptroller of the Currency (OCC) issued a report on debanking, in which it named adult entertainment as one of several sectors facing discrimination for engaging in activities contrary to banks’ “values.”

Ferguson’s letters inform the targeted companies that deplatforming such customers, or denying them access to financial products or services, could lead to an FTC investigation and potential enforcement action.

Keep reading

Congress Is Trying to Sneak a CBDC into Their Must-Pass Housing Bill: Economist St Onge

Economist Peter St Onge raised concerns about a housing bill moving through Congress, arguing that a provision within the legislation could allow for the development of a central bank digital currency despite language presented as a ban.

“Republicans in Congress are pushing a central bank digital currency, once again disguised as a ban, so they can surveil and control every dollar you spend,” St Onge said.

He questioned the intent behind the proposal, adding, “Will it be the Republicans who make you eat the bugs?”

St Onge said the broader housing bill includes provisions addressing zoning regulations and mortgage rates but also contains additional elements he described as problematic.

“Republicans in Congress are currently pushing a housing bill that does some useful things to red tape zoning and mortgage rates while doing some shady things, this is Congress, remember,” he said.

He added that the legislation includes financial measures, stating, “Like letting banks print money they don’t have, and handing free money to people with bad credit, which didn’t work in 2008.”

St Onge said a key concern is a provision related to digital currency, explaining, “But hidden deep in the bowels is a little gem that effectively green lights a central bank digital currency, CBDC, so long as Wall Street gets a piece of the action.”

Keep reading

Pope Leo XIV Picks a Top Rothschild Executive To Head the Vatican Bank, Sending the Conspiracy Theories Into Overdrive

Rothschilds were raided by French Police in Epstein probe; but, today, a former executive controls Vatican Finances.

Just a few days ago, the top exorcists in the Catholic Church met with Pope Leo XIV to ask of him to reinforce the ranks of priests and bishops trained to deal with the surge in occult and satanic practices.

This is fact, not a rumor or unverified report (check at the bottom of the post).

But today, Leo appointed François Pauly as next president of the Vatican Bank.

Before we can even evaluate whether this is a good choice or not, a thick fog has risen with wild conspiracy claims that an ancient secret society is taking direct control of the Catholic Church’s finances.

Pauly is the new president of the supervisory board for the ‘Institute for the Works of Religion’, managing the church’s money, properties and charitable works.

The problem is where he comes from.

Daily Mail reported:

“Conspiracy theorists immediately seized on Pauly’s ties to the powerful Rothschild group – one of the most famous international banking families in history that has been alleged to be part of the secret society known as the Illuminati.”

While no one needs to believe in the Illuminati, the notion that elite bankers, politicians, Freemasons and powerful families worldwide act to manipulate governments and world events is hardly controversial anymore.

Keep reading

Bank Of America Settles Lawsuit Over Ties To Jeffrey Epstein’s Sex Crimes

Bank of America has reached a settlement with an anonymous woman who accused the financial giant of enabling Jeffrey Epstein’s sex trafficking operation and profiting from his criminal enterprise.

Lawyers for both parties informed a judge they had agreed to a “settlement in principle” according to court filings made public on Monday that The Financial Times reported. The proposed agreement contains undisclosed terms and awaits judicial approval at a hearing scheduled for early April. Bank of America declined to comment on the matter.

The woman filed her lawsuit in October of last year in Manhattan federal court under the pseudonym Jane Doe. She sought class action status and financial damages while accusing BofA of “participating in and financially benefiting from Jeffrey Epstein’s widespread and well-publicised sex-trafficking operation, as well as the direct financial benefits it received therefrom.”

According to her complaint, the plaintiff first encountered Epstein while living in Russia in 2011.

She resided in New York from 2011 to 2019 during which time the convicted sex offender abused her. The lawsuit alleged that Bank of America failed to file suspicious activity reports to law enforcement about questionable transactions “before it was far too late” and ignored red flags the bank had a legal responsibility to report.

“A review of Jane Doe’s account history will show incredibly alarming and erratic banking behaviour,” the initial complaint stated.

The anonymous woman described opening a Bank of America account in 2013 that Epstein and his accountant Richard Kahn allegedly used to pay her monthly rent.

This arrangement purportedly created documentation used to “defraud immigration officials.”

Keep reading

BRICS “Unit” May Bring the World One Step Closer to Global Currency

The BRICS alliance, originally formed in 2009 by Brazil, Russia, India, and China, with South Africa added in 2010, has evolved into a significant geopolitical and economic bloc. In a major expansion in 2024, the group welcomed four new members: Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE). Indonesia joined later, in 2025. This enlargement, referred to as BRICS+, now encompasses countries accounting for approximately 46 percent of the global population — more than 3.6 billion people — and about 35 percent of world GDP, surpassing the G7 in economic weight when adjusted for purchasing power parity. The expansion aims to amplify the group’s influence in global governance, challenge Western-dominated institutions such as the International Monetary Fund and World Bank, and promote multipolarity in international affairs.

Reducing Reliance on the U.S. Dollar

The motivations behind this growth stem from shared frustrations with the U.S.-led financial system, including vulnerability to sanctions and dollar dominance in trade. New members bring diverse strengths: The UAE contributes oil wealth and a financial hub, Iran adds strategic depth in the Middle East, and Egypt, Ethiopia, and Indonesia represent resource-rich areas.

Amid this expansion, BRICS+ has pursued financial innovations to reduce reliance on the U.S. dollar. A key development is the “Unit,” a prototype gold-backed digital settlement instrument unveiled in December 2025. Developed by the International Research Institute for Advanced Systems (IRIAS) in Russia, the Unit is not a full-fledged currency but a blockchain-based unit of account for cross-border trade and investments among BRICS+ nations. It is backed by a fixed reserve basket: 40 percent physical gold and 60 percent made of a weighted mix of BRICS currencies, including the Chinese yuan, Russian ruble, Indian rupee, Brazilian real, and South African rand. This structure echoes historical ideas such as John Maynard Keynes’ “bancor,” and may represent something even more consequential: a gradual shift away from a world in which a single national currency — the U.S. dollar — functions as the primary global reserve asset.

History of a Global Unit of Account

To understand the significance of this moment, it helps to look back to 1944 and the Bretton Woods conference. As economic journalist Ed Conway recounts in his book The Summit, British economist John Maynard Keynes proposed the creation of the aforementioned supranational currency called the “bancor.” Unlike the dollar-centered system that ultimately emerged, Keynes envisioned a global unit of account issued by an international clearing union. This bancor would not belong to any one country; it would be multinational, neutral, and designed to reduce global imbalances by discouraging both persistent deficits and persistent surpluses.

Keynes’ proposal was rejected. Instead, the postwar order placed the U.S. dollar at the center of the international monetary system — a national currency serving as a global reserve asset. Even after the collapse of the gold standard in 1971, the dollar retained its central role in trade settlement, commodity pricing, and sovereign reserves. For decades, that arrangement appeared stable. But the rise of China, the expansion of emerging markets, and the increasing use of financial sanctions have exposed structural tensions in a dollar-centric system. Countries subject to sanctions, or concerned about their vulnerability to dollar-clearing networks such as SWIFT (the Society for Worldwide Interbank Financial Telecommunication), have sought alternatives.

Recent BRICS discussions about cross-border payment systems, settlement in local currencies, and the creation of new financial instruments reflect a shared desire to reduce dependence on the dollar. Proposals for a digital, commodity-linked unit of account recall aspects of Keynes’ bancor: a reserve mechanism not tied exclusively to one sovereign state.

Keep reading

They Track Every Dollar You Move. They Ignored $378 Million of Epstein’s.

Try to wire $15,000 to a foreign bank account sometime.

You’ll be asked to fill out compliance forms explaining the purpose of the transfer. Your bank’s compliance department will review the transaction. A Currency Transaction Report will be filed with the Financial Crimes Enforcement Network. And depending on the bank, you may receive a follow-up phone call asking you to further justify why you’re moving your own money.

Try to open a bank account overseas and it gets even more fun. Under the Foreign Account Tax Compliance Act, or FATCA, every foreign bank on Earth is required to report American account holders to the Internal Revenue Service. The paperwork burden is so heavy that thousands of foreign banks have simply stopped accepting American clients altogether.

Deposit $10,000 in cash and the government automatically files a report. Split it into two deposits of $5,000 to avoid that report and you’ve committed a federal crime called “structuring” — punishable by up to five years in prison.

This is the financial surveillance infrastructure that every American lives under. It was built over decades, starting with the Bank Secrecy Act in 1970 and expanded massively by the Patriot Act after 9/11. We are told it exists to catch money laundering, drug trafficking, terrorism financing, and financial crimes.

Yet over twelve years, Jeffrey Epstein moved $378 million across 270 wire transfers without a single flag.

Bank of New York Mellon — one of the oldest and largest financial institutions in America — processed every one of them. At least 18 were round-dollar $1 million wires in 2007 alone — textbook structuring.

The bank’s own compliance review could not identify a legitimate business purpose for any of the 270 transactions. And no Suspicious Activity Report was filed until 2019 — only after Epstein had been arrested on federal sex trafficking charges.

More than a decade passed between when the transactions occurred and when regulators were notified.

This wasn’t an isolated case, either. Both JPMorgan Chase and Deutsche Bank settled lawsuits related to their Epstein banking relationships. The pattern was identical: process the money, ignore the red flags, settle quietly later.

But while the banks were asleep, another arm of the government was not.

Keep reading

IMF approves $8.1 billion loan for Ukraine, with $1.5 billion to go immediately

The International Monetary Fund’s executive board on Thursday approved an $8.1 billion, four-year loan for Ukraine, with $1.5 billion to be disbursed immediately to help keep the government running as its war against Russia’s invasion drags into a fifth year.

The IMF said the new Extended Fund Facility arrangement for Ukraine would help anchor a $136.5 billion international support package for the war-torn country, which this week marked the fourth anniversary of Russia’s full-scale invasion.

The new loan, which replaces a $15.5 billion program that was approved in 2023, will help Kyiv to maintain economic stability and keep public spending flowing, the IMF said.

Ukrainian Prime Minister Yulia Svyrydenko hailed the IMF loan as part of a broader financial framework that would cover an estimated budget shortfall of $136.5 billion over four years, including a 90 billion euro loan from the European Union.

“It is very important for us that in the fifth year of the full-scale war, against the backdrop of systematic attacks on the energy sector, Ukraine has guaranteed international financial support from partners and the resources for the stable functioning of the state,” she wrote on Telegram.

The World Bank, European Union, United Nations and the Ukrainian government this week issued a new report that put the cost of rebuilding Ukraine at $588 billion over the next decade.

IMF Managing Director Kristalina Georgieva said the IMF loan would resolve Ukraine’s balance of payments problem and restore medium-term external viability, while boosting prospects for reconstruction and growth after the war ended and help to facilitate Ukraine’s steps to join the European Union.

“Ukraine and its people have weathered a long and devastating war for over four years with remarkable resilience,” she said in a statement, lauding work by Ukrainian authorities to maintain overall macroeconomic and financial stability, boost domestic revenues and advance some critical reforms.

She said officials were committed to “tackling longstanding bottlenecks to growth,” including through continued efforts to combat corruption, address tax avoidance and evasion, reform energy markets, and strengthen financial market infrastructure.

The program would be “promptly recalibrated” in the case of successful peace negotiations, she said in a statement.

Keep reading

Trump Admin Plots To FORCE Banks Into Immigration Enforcement

President Trump’s administration is ramping up its assault on illegal immigration by eyeing a bold new tactic: enlisting banks to verify the citizenship of every customer. 

This potential executive order would mandate financial institutions to collect proof like passports from both new and existing account holders, effectively cutting off undocumented migrants from the banking system they’ve exploited under open-border policies.

It’s a commonsense step to safeguard American resources, but watch as Democrats and their corporate allies howl in protest – the same crowd that fights tooth and nail against voter ID requirements won’t back this either.

The move was first reported by the Wall St Journal, with a CNN segment noting “Sources do tell CNN that the industry is concerned here because they’re worried that this kind of action, it could almost compel them to be part of the administration’s immigration crackdown.”

The policy would expand on existing know-your-customer rules, which focus on preventing money laundering but ignore citizenship status entirely. 

Banks currently don’t prohibit non-citizens from opening accounts, allowing illegals to stash funds siphoned from taxpayer-supported programs. 

Under the proposed order, institutions might have to retroactively demand documents like passports, potentially closing accounts for those who can’t prove U.S. citizenship.

Keep reading

Feds Indict Six More in Venezuelan Gang’s High-Tech ATM Heist – Total Hits 93

A federal grand jury in the District of Nebraska returned an indictment Wednesday charging six individuals for their roles in a large conspiracy to deploy malware and steal millions of dollars from ATMs in the United States, a crime commonly referred to as “ATM jackpotting.” 

About 87 others have already been charged, bringing the total to 93 charged defendants. 

Wester Eduardo Dugarte Goicochea, 43; Mauro Angel Briceno Caldera, 37; Henry Rafael Gonzalez-Gutierrez, 37; and Giovanny Miguel Ocanto Yance, 26, Venezuelan nationals residing in the Houston area, were charged. In addition to Jelfenson David Bolivar Diaz, 38, and Arlinzon Jose Reyes Villegas, 21, both Venezuelan nationals, were charged. 

This indictment alleges five counts, including conspiracy to commit bank fraud, conspiracy to commit bank burglary and computer fraud, bank fraud, bank burglary, and damage to computers.

The most recent indictment follows a previous one returned on Dec. 9, 2025, that alleged that Tren de Aragua, a designated foreign terrorist organization, conducted jackpotting attacks across America. The Dec. 9 indictment charged 22 individuals with offenses for their roles in the conspiracy: 13 individuals are charged with conspiracy to provide material support to terrorists, 10 with conspiracy to commit bank fraud, 10 with conspiracy to commit bank burglary and fraud and related activity in connection with computers, and 22 with conspiracy to commit money laundering. The indictment also alleges that TdA used jackpotting to steal millions of dollars in the United States and then transferred the proceeds among its members and associates to conceal the illegally obtained cash. The indictment alleged a national conspiracy to commit these offenses, with crimes committed all over the United States in furtherance of these conspiracies that generated millions in illegal proceeds for the combined defendants and the TdA organization.

Keep reading

JPMorgan Admits Closing Over 50 Trump Bank Accounts After January 6th

JPMorgan Chase has formally admitted that it terminated more than 50 accounts connected to President Donald Trump and his business operations in the wake of the January 6th protest.

The admission came in court filings responding to a lawsuit filed by Trump and the Trump Organization.

The suit names JPMorgan and its CEO, Jamie Dimon, of debanking the president as part of an orchestrated political attack.

According to documents submitted to the court, the closures affected accounts tied to Trump hotels, real estate projects, and retail ventures in multiple states, as well as his longstanding private banking relationship.

That relationship had handled personal financial matters, including assets linked to his inheritance.

The bank’s internal correspondence, included in the filing, does not cite a specific violation or financial irregularity.

In a letter dated February 2021, JPMorgan informed Trump that he would need to “find a more suitable institution with which to conduct business.”

“Thank you for your prompt attention to this matter,” it concluded.

The lawsuit alleges the bank “needed to distance itself from President Trump and his conservative political views,” effectively placing him on a blacklist.

“In essence, [JP Morgan] debanked plaintiffs’ accounts because it believed that the political tide at the moment favored doing so,” the lawsuit states.

Keep reading