Published on YouTube by TheYoungTurks on March 24, 2014
As often-discussed and written about by MLNP.tv CEO Cindy Gallop, financial institutions and payment processors rarely want anything to do with online content that could be categorized as “adult.” And, companies that produce (or curate) explicit sexual media aren’t the only ones banks are resistant to doing business with, as demonstrated when Lovability Condoms were denied service by Chase Paymentech – the credit card processing arm of behemoth JP Morgan Chase – because their condoms marketed to women were considered an “adult-oriented product.”
A statement from Chase to company founder Tiffany Gaines suggested that doing business with companies like Lovability is “a prohibited vertical,” and cited a potential “reputational risk” to work with them.
The Huffington Post reports that Chase have decided to reverse their decision following several days of bad publicity surrounding the story. Kudos to the Young Turks and other outlets for applying appropriate pressure and exposing the rampant hypocrisy in the financial sector regarding anything related to sex.