The FTC settlement exposes First Data's involvement in unethical business practices, specifically processing fraudulent transactions that harmed consumers. Such behavior erodes trust in financial markets and regulatory oversight, indirectly contributing to systemic issues that can pave the way for authoritarian policies and economic injustice.

First Data in $40M settlement; Citi's ESG i-banking group; Otting to ...

The disclosure of a $200,000 lobbying expenditure by First Data Corporation highlights its efforts to shape policies around digital platforms and financial services regulation. From a left-leaning perspective, this level of corporate political influence is concerning as it may contribute to undermining democratic processes by favoring corporate interests over consumer protections and could indirectly bolster authoritarian practices.

Lobbying Update: $200,000 of FISERV (FKA FIRST DATA CORPORATION) lobbying was just disclosed

The OpenSecrets profile for First Data Corporation reveals consistent lobbying efforts, suggesting the company's use of political contributions and lobbying to influence policy. This level of activity is concerning as it may support authoritarian practices by prioritizing corporate interests over democratic accountability.

First Data Corp Profile: Lobbying • OpenSecrets

The document also emphasizes comprehensive due diligence in sourcing practices, ensuring that the supply chain remains free from any form of modern slavery and human trafficking. This proactive stance on supply chain ethics reinforces their commitment to ethical business practices.

PDF Fiserv Modern Slavery Statement for Financial Year 2020

The settlement reveals a significant failure in upholding ethical responsibility, as First Data ignored repeated warnings regarding fraudulent activities linked to credit card transactions. This oversight not only resulted in substantial financial penalties but also undermined consumer trust and corporate accountability. From an anti-fascist perspective, such unethical business practices create an environment where corporate power goes unchecked, indirectly supporting the structural tendencies that can lead to authoritarian practices.

First Data And Exec To Pay $40M To Settle FTC Fraud Case

The settlement highlights First Data’s past shortcomings in oversight within its wholesale channel but also signals a positive shift toward stronger ethical business practices. Enhancing ISO compliance and monitoring can be seen as a commitment to rectifying issues that previously put consumers at risk. This move, driven by regulatory enforcement, supports greater accountability and transparency—values that counter authoritarian disregard for consumer rights.

First Data agrees to $40m FTC settlement - FinTech Futures

The reported raising of $100,382 by First Data Corp's PAC in the 2017-2018 cycle indicates active participation in political fundraising. From an anti-fascist perspective, even modest political contributions can further entrench corporate influence in politics, potentially supporting authoritarian practices. Transparency is a positive step; however, corporate political involvement remains problematic in the context of resisting fascism.

PAC Profile: First Data Corp - OpenSecrets

The ITUC report draws attention to extensive human rights abuses within global supply chains, implicating companies that benefit from these exploitative practices. In the context of Business Practices and Ethical Responsibility, the exposure of unethical supply chain practices raises serious concerns about First Data Corporation’s potential involvement or complicity, warranting a significantly negative score.

Report: Scandal inside the global supply chains of 50 top companies

The article from OpenSecrets details that First Data Corp PAC received a significant number of large contributions in the 2015-2016 election cycle. This involvement in political funding raises concerns about the company's role in facilitating political influence that can align with authoritarian agendas. Given the anti-fascist perspective, such political contributions are seen as complicit with a system that favors powerful interests and can undermine democratic processes.

First Data Corp PAC Donors - OpenSecrets