The CEOs of over 80 firms in the open banking sector have urged President Trump to prevent banks from imposing fees on consumers for accessing their own data.
In October, the Consumer Financial Protection Bureau (CFPB) issued the Personal Financial Data Rights final rule, granting Americans the authority to direct their banks to share financial data with third-party providers. However, under the new administration, the CFPB moved to repeal this rule in May, an action the Financial Technology Association (FTA) has criticized as benefitting Wall Street banks.
Recently, reports indicated that JP Morgan plans to charge fees to companies seeking access to their clients’ bank account data, even sending pricing sheets to data aggregators that connect banks and fintechs.
In their letter to Trump, shared by the FTA, the open banking CEOs stated, “Large banks are taking aggressive action to preserve their market position by imposing exorbitant new ‘account access’ fees that would prevent consumers from connecting their accounts to better financial products of their choice. This access is critical to ensuring Americans have control of their own financial lives in a digital economy.”
They warned that this move would undermine consumer choice—something Trump supported during his first term—allowing large banks to restrict access to consumer and business finances, ultimately stifling competition. The CEOs, representing firms like Brex, Chime, Klarna, Plaid, and Sofi, emphasized that such actions could hinder innovation in cryptocurrency, AI, and digital payments. They urged the President to leverage his office to stop large institutions from erecting new barriers to financial freedom.