NEW YORK — July 28, 2025 —
JPMorgan Chase has rattled the financial technology sector with its decision to begin charging fintech companies for access to customer financial data—an unprecedented move that critics say could destabilize business models and reshape the open banking landscape in the United States.
The country’s largest bank has already distributed rate sheets to data aggregators and fintechs that have long operated under the assumption that bank customer data would be freely accessible through APIs. The decision has prompted alarm across the industry, with many startups warning the new fees could exceed their annual revenues and force them to either shut down or pass costs onto consumers.
“This is a direct threat to competition,” said Steve Boms, executive director of the Financial Data and Technology Association. “The cost of accessing Chase data alone would account for 60% to over 100% of annual revenue for some of our members. That’s from just one bank.”
Industry giants including Plaid, Fiserv, and Intuit are among those reportedly impacted. The charges could take effect as soon as September, though JPMorgan has indicated it is in discussions with affected parties.
JPMorgan defended its move by pointing to the costs of maintaining secure APIs, claiming that 90% of the roughly 2 billion monthly API requests it receives are not tied to active customer use of fintech services.
“Introducing a charging structure will ensure that data access is customer-driven and responsibly managed,” a JPMorgan spokesperson stated. “We built and continue to maintain the infrastructure these aggregators rely on.”
The decision comes amid a regulatory vacuum. Rules enacted under the Biden administration that would have barred banks from charging for customer data access were overturned following a rollback of the Consumer Financial Protection Bureau’s powers under President Trump. This policy reversal has allowed banks to determine their own pricing frameworks.
Supporters of JPMorgan’s stance argue that the bank is merely seeking to recover infrastructure costs. The Bank Policy Institute emphasized that “data sharing comes at a cost,” and charging aggregators—who generate the largest volume of data traffic—is one way to recoup basic expenses without directly affecting consumers.
JPMorgan CEO Jamie Dimon has repeatedly voiced concern about the disruptive threat fintechs pose to traditional banks. In his annual letter to shareholders earlier this year, Dimon noted the need for legacy banks to remain agile and competitive.
Other banks may soon follow suit. PNC Bank, the ninth-largest U.S. lender, has already expressed interest in adopting a similar fee model. “I applaud what JP did,” said PNC CEO Bill Demchak. “They’re exactly right.”
The fintech industry, however, is fighting back. The Financial Technology Association has challenged the legality of the move in court, urging the judiciary to reinstate the CFPB’s original rule. Miranda Margowsky, a spokesperson for the association, accused large banks of exploiting regulatory uncertainty to “crush competition.”
The dispute also has broader implications for the cryptocurrency sector, which relies heavily on open banking infrastructure for transactions between wallets and bank accounts. Several crypto trade groups—including the Blockchain Association and the Crypto Council for Innovation—have appealed directly to President Trump, asking him to intervene and reinstate protections.
The debate could leave the U.S. isolated in its approach to open banking. In countries such as the UK, Brazil, and Sweden, open data access is mandated by law and provided at no cost—policies widely credited with fostering innovation and consumer choice in financial services.