Fintech, Crypto CEOs Urge US President To Block Banks' Data-Access Fees

Top fintech and crypto executives urged the Trump administration to block US banks from charging fees for access to customer data, levies that strike at the heart of their business models. From a report: Klarna, Robinhood and crypto exchange Gemini were among a long list of companies, investors and lobbying groups that signed a letter sent Wednesday to President Donald Trump, arguing that the proposed fees would "cripple" innovation and "may cause small businesses and financial tools to shut down entirely." JPMorgan Chase has told fintechs and the data aggregators they rely on that the bank's customer account information will no longer be accessible without a charge. JPMorgan, the biggest US bank, views the data aggregators as freeloaders of sorts who access data without paying and then charge their fintech clients for it. PNC Financial Services is considering charging similar fees. "We urge you to use the full power of your office and the broader administration to prevent the largest institutions from raising new barriers to financial freedom," they said in the letter. "We cannot allow the most powerful, entrenched banks to close the door on a more open and modern financial system."

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