US Consumer Regulator Weighs Allowing Banks to Charge Data Fees

The Consumer Financial Protection Bureau has been holding meetings with stakeholders interested in shaping a revamped open banking rule, and has come across as being receptive to permitting lenders to charge for access to customer data, according to people with direct knowledge of the discussions.

The consumer watchdog is returning to the drawing board to reshape a Biden-era regulation governing personal financial data rights after JPMorgan Chase & Co. began informing financial-technology companies that it plans to charge each time a customer’s account data is accessed.