JPMorgan Reopens Fight With Fintechs, Crypto Over Fees for Customer Data

In late 2024, US regulators put an end to a longstanding fight between banks and technology companies over control of their customers’ financial data: Customers have the right to demand, download and transfer their data, for free, per the Consumer Financial Protection Bureau’s landmark open banking rule.

Less than 10 months later, policymakers say they’re going back to the drawing board, the country’s biggest bank is planning to charge for access to customers’ data, and executives at some of the biggest financial technology companies, crypto firms and retailers are furious.