Financial Industry Pioneers Petition Trump to Stop JPMorgan's Data Charges
JPMorgan's Data Access Fees Stir Controversy in Fintech Sector
JPMorgan Chase has announced plans to impose fees on fintech and crypto platforms for accessing customer banking data via APIs. This move, aimed at recovering infrastructure costs, has sparked significant controversy within the industry.
The fees, which could potentially amount to $300 million annually for intermediaries like Plaid, have been criticized by fintech leaders as anti-competitive and harmful to innovation. Phil Goldfeder, CEO of the American Fintech Council, called it a "shameless attempt" to entrench incumbents and a "tollbooth on data access" that could restrict consumer financial flexibility and innovation.
Other fintechs affected include PayPal's Venmo, Block's CashApp, MX Technologies, and Dave, among others. The fintech industry has expressed concern that these fees could potentially hinder financial innovations, impacting fintech startups and developers relying on low-cost bank integrations for crypto services.
Regulatory developments are expected to decisively influence the outcome of this controversy. The Consumer Financial Protection Bureau (CFPB) has been planning to repeal the Biden-era Section 1033 open banking rule, which, if rescinded or blocked by courts, would allow JPMorgan to enforce these fees legally. Other banks, like PNC Financial Services, are reportedly considering following JPMorgan's lead on data access fees.
Fintech associations have appealed to the White House for action by July 29 to protect consumer rights and support financial innovation. However, there is no indication from the search results that the White House has directly intervened. Regulatory uncertainty remains a crucial factor affecting the rollout and legality of these fees.
Meanwhile, in the crypto sphere, firms are seeking access to Federal Reserve accounts. Trump signed the GENIUS Act, mandating stablecoin backing rules. However, no comments from major crypto figures or regulatory authorities have been recorded regarding JPMorgan's plan.
In other news, KeyCorp's CEO's stance on cryptocurrency remains unofficial, while U.S. Speaker Johnson has suggested Federal Reserve reforms and critiqued Powell. Trump has also announced new tariffs amid global trade talks.
Elsewhere in the tech world, ChainCatcher has joined Alibaba Cloud to elevate Web3 infrastructure. Despite these developments, the focus remains on JPMorgan's data access fees and their potential impact on the fintech sector and consumers.
[1] "JPMorgan to charge fintechs for accessing customer banking data via APIs." CNBC, 2025. [2] "Fintech industry slams JPMorgan's data access fees as anti-competitive." TechCrunch, 2025. [3] "PNC Financial Services considers following JPMorgan's lead on data access fees." American Banker, 2025. [4] "CFPB plans to repeal Section 1033 open banking rule, potentially allowing JPMorgan to enforce data access fees." Financial Times, 2025.
- The fintech industry is analyzing JPMorgan's cryptocurrency initiative, as the bank plans to impose fees on fintech and crypto platforms that access customer banking data via APIs, potentially leading to market changes within the industry.
- As JPMorgan's decision on data access fees stirs controversy, fintech associations have sought intervention from the White House to protect consumer rights and support financial innovation in the business sector.
- The impacts of these data access fees on fintech startups and developers providing crypto services are a significant concern for the industry, as these fees could potentially restrict innovation and financial flexibility.
