Fintech companies inundate JPMorgan with 1.89 billion data request demands, reportedly straining the bank's systems significantly.
In a move that has stirred controversy within the fintech and digital asset sectors, JPMorgan Chase has announced that it will begin charging fintech companies for access to customer bank account information. This decision, which represents a departure from the previous norm of providing such data access for free, has been met with resistance from the industry and allied trade groups.
During the bank's second-quarter earnings call, JPMorgan chief executive Jamie Dimon defended the fee proposal. Dimon stated that customers should have control over what data is shared and for how long. However, this practice conflicts with a Consumer Financial Protection Bureau (CFPB) rule finalized in late 2024, which prohibits banks from charging for consumer data access. The rule, part of Section 1033 of the Dodd-Frank Act, affirms consumers' rights to securely control and share their financial data with companies of their choice at no cost.
The fintech industry and allied trade groups have pushed back against the banks' fees, warning that such charges could threaten fintech business models and reduce competition by making data access prohibitively expensive. These groups urge enforcement of the open banking rule affirming consumers' free and secure data sharing rights. The rule is being challenged in court, and its future enforcement remains a key factor in resolving this conflict.
JPMorgan's requests for data access often involve helping fintech companies bolster their products or stop fraud. In June 2025, the bank received 1.89 billion data requests from financial technology middlemen. However, only 13% of these requests were initiated by customers for transactions.
The controversy over JPMorgan's fee proposal has been ongoing in the digital asset sector, with co-founder of Gemini, Tyler Winklevoss, accusing JPMorgan of attempting to sabotage fintech and crypto firms. The CFPB is responsible for enforcing the regulation, and its role in this ongoing dispute will be crucial in determining the future of data access fees in the fintech industry.
Meanwhile, in other news, the memecoin 'SATOSHI' launched its first presale, aiming to herald the return of Satoshi Nakamoto's vision. Additionally, Naoris Protocol launched a $120,000 post-quantum bug bounty amid growing cryptographic security focus.
The ongoing legal and regulatory challenges in the fintech sector, coupled with the exciting developments in the digital asset market, promise an interesting few months ahead.
- The fintech industry and allied trade groups are challenging JPMorgan's data access fees, warning that such charges could potentially disrupt the business models of fintech companies and decrease competition by making data access excessively expensive.
- JPMorgan's data access requests are often aimed at helping fintech companies develop their products or prevent fraud, as evidenced by the 1.89 billion data requests received by the bank in June 2025, only 13% of which were customer-initiated for transactions.
- Co-founder of Gemini, Tyler Winklevoss, has accused JPMorgan of trying to hinder fintech and cryptocurrency firms, adding to the debate over the bank's fee proposal in the digital asset sector.
- The Consumer Financial Protection Bureau (CFPB), responsible for enforcing regulations, will play a significant role in determining the future of data access fees in the fintech industry, given the ongoing dispute and the CFPB's role in enforcing the rule that affirms consumers' rights to securely control and share their financial data at no cost.
