Overview

• More than 80 executives from firms including Gemini, Andreessen Horowitz, Kraken and Stripe urged President Trump to block bank charges for third-party access to customer financial data.
• JPMorgan has informed data aggregators that customer data access will no longer be free and PNC has indicated it may follow suit with fees starting in September.
• Signatories argue that the charges will undermine consumer choice, consolidate power among large banks and stifle innovation in programmable money and digital wallets.
• The American Bankers Association and other trade groups defended the fees as standard API pricing and accused fintech leaders of seeking unfair exemptions.
• The CFPB’s open banking rule remains in effect as banking groups pursue litigation and the Trump administration weighs possible policy revisions.