JPMorgan's Data Fees Spark Open Banking Battle

JPMorgan Chase, the largest U.S. bank, plans to charge fintech companies and data aggregators such as Plaid for access to customer financial data, prompting backlash from the fintech and crypto industries. The bank argues that most data requests via API are not directly initiated by customers and place significant strain on its systems. Fintechs claim the data is essential for innovation and consumer choice, while crypto firms accuse JPMorgan of trying to stifle competition and limit consumer data rights. The move represents a reversal from the Consumer Financial Protection Bureau's recent open banking rule that mandated free data access, and policymakers are now reconsidering the rule under industry pressure. Negotiations over the new fees are ongoing, with the potential to reshape the U.S. fintech landscape. The dispute underscores a wider debate over who controls consumer financial information and the future of open banking.