FDATA in the News

Steve was quoted emphasizing that the growing push by big banks to collect tolls on consumers’ data directly violates their statutory right under Section 1033 of the Dodd-Frank Act to access and share their financial information freely and securely. He added that consumers should not have to pay simply to exercise a right that Congress has already guaranteed.

Steve was quoted in Geopolitical Intelligence Services saying that Chase’s new data access fees would cost fintech firms between 60% and, in some cases, more than 100% of their annual revenue—just to access data from a single bank. He and other industry leaders warned the move was a deliberate attempt to crush competition, tax innovation, and re-consolidate power within the banking sector.

Laine was quoted in The Logic highlighting the risks Canada faces if it continues to delay open banking implementation. In the piece, Laine emphasized that further holdups could “import the same kind of dysfunction that we’re seeing in the U.S.” and urged Canadian policymakers to learn from that cautionary tale. The article underscores how Canada now has an opportunity to move ahead while the U.S. remains mired in litigation and reversals.

Steve Boms was featured on the CryptoCounsel podcast to discuss the CFPB’s rule on personal financial data rights and its implications for crypto services and financial innovation. Joined by host Frank Scaduto and Wiley colleague Duane Pozza, Steve highlighted how the rule could reshape consumer control over data and the future of open banking in the U.S. The conversation explored what may come next as the Bureau reconsiders its framework.

Steve was published in an op-ed in the Globe and Mail warning that Canada risks importing the dysfunction plaguing the U.S. open banking market unless it swiftly implements a legally binding cross-sectoral data right, a proportionate accreditation system, broader participation, and fair enforcement. He urged Ottawa to move beyond consultation and deliver a framework that empowers consumers, enables innovation, and strengthens competition before it’s too late.

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.