What to Know:
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A coalition of fintech and crypto leaders has urged President Trump to block banks from imposing fees for accessing customer data.
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Banks like JPMorgan plan to charge fintech firms such as Plaid as much as 60–100% of their revenue for data access.
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Industry groups argue that consumer data belongs to users, not banks, and fees would stifle innovation across digital finance.
Top executives in the fintech and crypto industries are appealing directly to President Trump to block banks from charging fees for access to customer data. This growing revolt centers around open banking principles meant to empower consumers and spur financial innovation.
Fintech firms including Robinhood and Klarna and crypto companies like Gemini joined a coalition letter sent on August 14, urging the White House to prevent banks from undermining open banking tools that have been essential for many digital services.
Officials argue that consumer-permissioned financial data belongs to individuals not banks. By charging for data access, major institutions risk crushing the business models of fintechs and crypto platforms. For example, JPMorgan has reportedly asked aggregators like Plaid to pay fees that would equal 60–100% of their annual revenue. Those costs, critics warn, could crush small fintech services.
One fintech leader, Penny Lee of the Financial Technology Association, called the fees an anti-competitive move that puts consumer choice at risk. She described the open banking rule Section 1033 as a “pivotal point” in protecting consumers’ rights to freely share their financial information.
JPMorgan defends the charges, saying API infrastructure maintenance and fraud prevention costs justify the fees. But as Banking Dive reports, critics see this as a power play to fortify banking supremacy and control over financial data. Tyler Winklevoss, one of the co-founders of Gemini, publicly criticized JPMorgan’s fee move on X, saying it could “bankrupt fintechs” that help people access crypto platforms.
Why this Ask?
With open banking, fintech and crypto companies can compete with traditional banks without having to keep their customers’ money. But if banks start charging a lot of money to get to customer data, it could slow down new ideas and make it harder for people to use digital wallets or DeFi services. This would limit what people can choose from and might stop new ideas from getting to the market.
Banks don’t charge for data access in places like the UK, Brazil, and most of Europe. Experts in the field say that if the U.S. goes this way, it could fall behind in the race for new financial ideas around the world. Fintech and crypto groups want to protect the open banking rule and give consumers more control over their own financial information by asking President Trump for help. He has shown support for crypto and open markets.
What Comes Next?
With open banking policies already in court, the President’s stance could tip the scale. As Banking Dive notes, the rule was initially championed during Trump’s first term and remains central to efforts to modernize U.S. finance.
If the Trump administration intervenes or issues new policy direction, it could halt banks’ fee plans and keep data sharing affordable and seamless.
Final Thoughts
It’s not just a technical issue; the fight over access to bank data is also about choice. Fintech and crypto leaders are fighting to keep open banking access. The outcome could decide whether Americans can still easily link their accounts to apps and services that support innovation.
The Trump administration is about to take action, and the stage is set for a battle between old-school financial power and new digital technology. Consumer control, competition, and the future of financial services are all at stake.
