Fintech Leaders Urge Trump to Halt JPMorgan’s Data Fees

On July 24, fintech and cryptocurrency associations urged President Trump to prevent JPMorgan from imposing fees on customer bank data access, warning of potential widespread impacts on financial innovation.

JPMorgan’s move may hinder fintech growth and stablecoin adoption, prompting urgent industry concerns over consumer data rights and innovation within the financial sector.

Fintech Groups Warn of Consumer Data Rights Violation

JPMorgan Chase plans to impose fees for accessing customer bank data, a move opposed by fintech associations that fear potential “debanking” consequences for millions of Americans. These organizations emphasized that financial data belongs to individuals rather than banks. Plaid, alongside other data aggregators, will be directly impacted, which could affect up to 8,000 financial apps.

Fintech leaders argue that these fees compromise consumer control over financial data, with American Fintech Council CEO Phil Goldfeder criticizing the added financial burdens on consumers. The associations have appealed to the White House for action by July 29 to protect consumer rights and support financial innovation.

In response, JPMorgan spokesperson Emma Eatman stated the bank’s stance on the need for a secure data system. Despite the controversy, no comments from major crypto figures or regulatory authorities have been recorded, revealing ongoing deliberation.

We’ve invested significant resources creating a valuable and secure system that protects customer data. We’ve had productive conversations and are working with the entire ecosystem to ensure we’re all making the necessary investments in the infrastructure that keeps our customers safe. — Emma Eatman, Spokesperson, JPMorgan Chase

JPMorgan Fees Could Affect 8,000 Financial Apps

Did you know? Open banking models, popular in the EU/UK, faced similar industry challenges, though regulatory mandates like PSD2 played a critical role in facilitating their adoption and preventing consumer backlash.

Bitcoin, currently priced at $118,720.08 with a market cap of 2.36 trillion, shows a market dominance of 61.29%. The coin has a trading volume of 72.89 billion, exhibiting a 0.45% uptick in the last 24 hours, according to CoinMarketCap.

Coincu research team anticipates that the fees could catalyze broader regulatory debates in the US regarding consumer data rights. Financial innovations may be hindered, impacting fintech startups and developers relying on low-cost bank integrations for crypto services, further influencing market dynamics.