TL;DR
- Industry pushback: Fintech and crypto leaders from Klarna, Robinhood, Gemini, Kraken, Paradigm, and major payments firms urged President Trump to block bank data access fees, warning the charges would cripple innovation.
- Fee rationale and risk: JPMorgan plans to charge data aggregators it views as unpaid intermediaries, while PNC is weighing similar policies, raising fears that new tolls could spread across budgeting, investing, and payments apps.
- Regulatory context: CFPB rules from the Biden era remain in place as the Trump CFPB drafts alternatives, keeping the framework alive while banks test fees.
Top fintech and crypto executives are urging the Trump administration to stop US banks from charging for access to customer data. In a letter to President Donald Trump, firms including Klarna, Robinhood, and Gemini warned that proposed fees would cripple innovation and could force small businesses and financial tools to shut down. The pushback follows notices that JPMorgan will charge for customer account information and that PNC is considering similar policies.
What triggered the industry backlash
JPMorgan, the largest US bank, told data aggregators and the fintechs that rely on them that access will no longer be free. The bank argues that aggregators pull information without paying and then bill fintech clients, and is moving to impose fees for account data. PNC Financial Services is evaluating comparable charges, raising fears that new tolls could spread across budgeting, investing, and payments apps.
Who signed the letter and what they argue
Signatories span crypto exchanges, payments leaders, and venture investors. The roster includes the Winklevoss brothers of Gemini, the CEOs of Kraken and Paradigm, and global payments firms Adyen, PayPal, and Stripe. Andreessen Horowitz partner Alex Rampell said the intention is transparent and that incumbents do not want competition. The letter urges the White House to use the full power of its office to prevent new barriers to financial freedom and to preserve a more open and modern financial system.
Regulatory backdrop and the CFPB path
Rules crafted by the Consumer Financial Protection Bureau under former President Joe Biden sit at the center of the data-sharing debate. The CFPB under Trump has indicated it will leave those rules in place while it develops alternatives aligned with its policy goals. That stance keeps the current framework alive even as banks test fees that could reshape how data flows between institutions and technology providers.
Why the fight matters for open finance
Trade groups, including the Financial Technology Association and the American Fintech Council, joined the CEOs, amplifying pressure on Washington. Penny Lee from the FTA stated that current players recognize the benefits of open banking and open finance, and they should not be permitted to hinder innovation. Founders warn that tolls would undermine choice and data portability.
