LOS ANGELES — Free Speech Coalition (FSC) has submitted an official comment to the Consumer Financial Protection Bureau (CFPB), asking regulators to address the issue of discriminatory banking practices and their effects on adult businesses and workers.
"By helping regulators better understand the discrimination faced by the industry, FSC aims to protect the rights and interests of adult industry professionals and promote fair and equal access to financial services," the FSC said through a statement.
The rest of the FSC statement follows:
Abusive banking practices have plagued the adult industry for decades, but the shift to digital payments and the rise of the creator economy has exacerbated the problem. The arbitrary closure of bank accounts, refusal to provide financial services such as loans and insurance, excessive scrutiny and sometimes extortionate fees deny adult businesses and workers the ability to operate in the same manner as other legal businesses.
The 13-page statement submitted by the Free Speech Coalition in response to the CFPB’s request for comment on Abusive Acts or Practices provides a comprehensive overview of the specific challenges faced by the adult industry and offers recommendations to address these issues. Drawing upon the organization's extensive fact finding work and outreach to affected workers and businesses, the comment highlights the importance of upholding free speech rights, combating discrimination, and promoting fair access to financial services.
Alison Boden, Executive Director of the Free Speech Coalition, emphasized the urgency of the matter: 'Abusive banking practices have had a devastating impact on the adult entertainment and sexual wellness industry, causing financial instability and limiting businesses growth. It is crucial that the CFPB recognizes and addresses these issues to ensure a level playing field for all workers and businesses operating in our industry.'
For more information and the full text of the letter, visit FreeSpeechCoalition.com.