JPMorgan to Charge Fintechs Hundreds of Millions for Customer Data Access

JPMorgan Chase is set to charge fintech companies hundreds of millions of dollars for access to customer bank account data, a move that threatens to disrupt the industry's business models. Many fintechs rely on free access to this data; these new fees could force them to adjust their business models and potentially pass the costs onto consumers, disproportionately affecting low-income users. The move comes amid uncertainty surrounding a Biden-era open banking regulation that mandates free data sharing, but whose future is now unclear after a lawsuit and intervention from the Trump-era CFPB. JPMorgan CEO Jamie Dimon argues that third parties should pay for access and that use should be restricted. Critics argue this is an attempt to stifle competition and innovation.