FDATA in the News

Steve was featured in Financial Times stating that JPMorgan’s move to charge fintechs for access to customer data is a “pure and simple” attempt to kill competition and “put third parties out of business altogether.” He emphasized the steep financial burden this would impose on fintechs, noting that “across all the companies that received the notices, the cost of just accessing Chase data is somewhere from 60 percent and in some cases well over 100 percent of their annual revenue for the year.” He concluded, “Just from one bank.”

Steve was featured in Axios warning that JPMorgan’s decision to charge fintechs for access to consumer-permissioned data could undermine consumer choice and stifle innovation. His comments came in coverage of Solo, a financial data startup launching a bank-led data-sharing network backed by over 100 community and regional banks. The network aims to give banks greater control over consented data sharing and revenue, as regulatory uncertainty around the CFPB’s open banking rule continues to grow.

Steve was featured in The Information warning that JPMorgan’s proposed data access fees could devastate early-stage fintechs and crypto firms, calling the move a “cynical attempt” to exploit regulatory uncertainty while banks litigate to block the CFPB’s open banking rule. The article also reports that major trade groups, including FDATA, are urging the Treasury to uphold the rule, emphasizing that letting banks charge for consumer data could stifle financial innovation and competition.

Steve was featured in Fortune saying JPMorgan is exploiting regulatory uncertainty to levy a “punitive tax on competitive offerings,” calling the move “a blatant effort to curtail innovation and undermine a stronger American financial system.” The article highlights that FDATA and others warn JPMorgan’s plan to charge for consumer data access—once free—threatens to crush early-stage fintechs, limit consumer choice, and unravel the promise of open banking, as other major banks like PNC consider following suit.

Steve was featured in Payments Dive, where he called JPMorgan Chase’s new data access fees a “cynical attempt” to exploit regulatory uncertainty and undermine the CFPB’s open banking rule. He warned that the fees are “prohibitive” and reflect a belief at the top of the bank that customers should be locked into using Chase products rather than third-party services.

Steve Boms was quoted in The Paypers saying that open banking is based on the principle that consumers—not banks—own their financial data, and JPMorgan’s move to impose punitive fees for data sharing is an attempt to exploit regulatory uncertainty and stifle innovation. He warned that these charges would ultimately harm consumers by making financial services less competitive and more expensive.

Steve Boms was quoted in Yahoo Finance saying that JPMorgan’s plan to charge fintechs for customer data access is a “blatant effort to exploit regulatory uncertainty.” He emphasized that penalizing consumers for sharing their own financial data undermines competition and innovation in the financial system.

Steve was featured in Axios Pro warning that JPMorgan Chase’s plan to impose new fees for fintech data access could upend the U.S. consumer finance ecosystem and threaten the future of open banking. He emphasized that these fees act as a “blatant competition tax” and will either block Chase customers from using third-party tools or saddle them with higher costs—an approach that runs counter to consumer data rights recognized in other developed economies.

Steve Boms was quoted in Bloomberg saying that JPMorgan’s plan to charge fintechs for customer data access is a “blatant effort to exploit regulatory uncertainty.” He emphasized that penalizing consumers for sharing their own financial data undermines competition and innovation in the financial system.