The Free Speech Coalition (FSC) has announced panelists for an upcoming "Banking Discrimination" session at the FSC Summit, scheduled for January 12. This session will address discrimination and unfair practices within the banking and fintech sectors, offering strategies for adult industry professionals to protect themselves from account losses.

The FSC Summit will take place from 11 a.m. to 5 p.m. on January 12, in the Nichols meeting rooms at the Kimpton Everly Hotel in Hollywood, Los Angeles. This event coincides with the final day of the XBIZ show. Attendance is open to all, not limited to Free Speech Coalition members. Industry participants with XBIZ Show badges will have access to the FSC Summit. Non-conference attendees can register by January 6, with industry members eligible to request a promo code for free registration, while others may purchase access. Further information is available at FreeSpeechCoalition.com.

Addressing Financial Discrimination

The "Banking Discrimination" session will feature Cathy Beardsley, CEO of Segpay; Alana Evans, president of the Adult Performance Artists Guild (APAG); and Pierre Whatley, senior government relations advisor at FS Vector. These panelists will discuss how those in the adult industry can safeguard themselves from account losses due to discriminatory practices. The discussion will cover specific steps for financial security and broader actions taken by the FSC to combat this issue, including engaging in discussions with Congress to protect the industry from unfair banking practices.

This initiative follows a report released by the FSC in March 2023, detailing the extent of financial discrimination against the adult industry. The report, titled "Financial Discrimination and the Adult Industry," was based on a study conducted between December 2022 and March 2023, involving over 400 adult industry members. It highlighted that 62% of respondents had lost or been denied a bank account due to their work, with over 40% experiencing such losses in the past year alone. Nearly half of adult businesses, 48%, identified financial discrimination as their primary challenge to revenue. The report also noted that one in three performers had been outed to their financial institutions or faced extortion threats.

FSC Director of Public Affairs Mike Stabile stated that the financial discrimination against the adult industry is "devastating to our businesses and workers," citing "predatory fees to unwarranted fund seizures" as examples of how financial institutions exploit adult industry labor. The report aimed to "shine a light on a shameful practice."

FSC's Ongoing Efforts

The FSC has been actively working to address these issues. Since the release of its report, the organization has met with over 40 Congressional offices, as well as regulators, compliance officers, and anti-trafficking organizations. The fight against financial discrimination has also garnered coverage from national and international outlets, including the New York Times, Forbes, Wired, Boston Globe, The Street, and Slate.

In April 2024, the FSC hosted a webinar titled "Derisking: Examining Its Impact on the Adult Industry's Access to Banking Services." This webinar, held on April 24, focused on the impact of derisking practices across the financial services industry. Panelists discussed how derisking affects their ability to build and operate businesses, earn income, and navigate a digital economy. The webinar was intended for adult industry members, Congressional staff, regulators, financial services professionals, and other stakeholders. FSC executive director Alison Boden noted that the organization had "examined both the problem and potential cures" over the past year, and the panel aimed to "engage the issue with a broader audience, present possible solutions and answer questions."

The FSC emphasizes that many in the adult industry cannot access basic banking or financial services due to stigma and discrimination. Accounts, including the FSC's own, are routinely threatened or closed without warning, or denied entirely. The organization argues that securing access to banking allows workers to control their finances and enables businesses to operate securely as tax-paying members of society. The FSC maintains that banks should not deny people access to basic needs or chill Constitutionally-protected speech.

The importance of banking access extends to preventing human trafficking. Without access to banking, legal adult industry workers may be forced to hand over financial control to third parties, making them vulnerable to exploitation, with earnings potentially stolen or withheld without legal recourse. The inability to establish credit and build equity also poses significant challenges. Established accounts can also become an "attack vector for malicious actors," as seen in a 2018 campaign by members of the "incel" community who reported performers to various financial services providers and government agencies to intimidate and harass them. Ensuring banking access is presented as a measure that helps prevent trafficking and exploitation.

Key Facts

  • The Free Speech Coalition (FSC) will host a "Banking Discrimination" session at the FSC Summit on January 12.
  • Panelists include Cathy Beardsley (Segpay), Alana Evans (APAG), and Pierre Whatley (FS Vector).
  • The session will address discrimination in banking and fintech, and strategies for adult industry professionals to protect their accounts.
  • The FSC Summit will be held from 11 a.m. to 5 p.m. at the Kimpton Everly Hotel in Hollywood, Los Angeles.
  • A March 2023 FSC report found that 62% of adult industry workers lost or were denied a bank account due to their work.
  • The FSC has met with over 40 Congressional offices and regulators to combat financial discrimination.