FDATA in the News

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.

Steve Boms was quoted in Banking Diveemphasizing that Congress clearly intended for consumers to have the right to securely share their financial data with third parties of their choice when it enacted Section 1033, and that this intent remains central to deploying open banking in the U.S. He argued that the plaintiffs’ and CFPB’s narrow reading of the law cannot be squared with its text or purpose, which was to promote competition in financial services.

Steve Boms was quoted in American Banker warning that if the CFPB rescinds the Section 1033 rule, it would reset the clock by four to five years and jeopardize the collaborative progress already made across the industry. He emphasized that while the rule isn’t perfect, 95% of it is broadly supported and critical to advancing consumer data rights and innovation.

Steve Boms was quoted in Banking Dive warning that vacating the existing rule and starting from scratch would prolong regulatory uncertainty and stall innovation in digital financial services. He emphasized that such a move would embolden incumbents to entrench legacy technologies instead of competing.