Fintech, Crypto CEOs Urge US President To Block Banks' Data-Access Fees
- Reference: 0178674228
- News link: https://news.slashdot.org/story/25/08/14/142255/fintech-crypto-ceos-urge-us-president-to-block-banks-data-access-fees
- Source link:
> Klarna, Robinhood and crypto exchange Gemini were among a long list of companies, investors and lobbying groups that signed a letter sent Wednesday to President Donald Trump, arguing that [2]the proposed fees would "cripple" innovation and "may cause small businesses and financial tools to shut down entirely."
>
> JPMorgan Chase has told fintechs and the data aggregators they rely on that the bank's customer account information will no longer be accessible without a charge. JPMorgan, the biggest US bank, views the data aggregators as freeloaders of sorts who access data without paying and then charge their fintech clients for it. PNC Financial Services is considering charging similar fees.
>
> "We urge you to use the full power of your office and the broader administration to prevent the largest institutions from raising new barriers to financial freedom," they said in the letter. "We cannot allow the most powerful, entrenched banks to close the door on a more open and modern financial system."
[1] https://slashdot.org/story/25/07/30/1456243/jpmorgan-spooks-fintechs-with-plans-to-charge-for-access-to-customer-data
[2] https://www.bloomberg.com/news/articles/2025-08-14/fintech-crypto-ceos-urge-trump-to-block-banks-data-access-fees
Double Dipping? (Score:3)
So, if I'm a Chase bank customer (they make money off of my account) who approves one of these Fintech services to hook into my account and use my financial data (emphasis on MY FINANCIAL DATA), Chase wants to directly charge the Fintech also?
Is that a correct interpretation?
Or are the Fintechs somehow freely accessing vast troves of financial data without permission?
Re: (Score:3)
> So, if I'm a Chase bank customer (they make money off of my account) who approves one of these Fintech services to hook into my account and use my financial data (emphasis on MY FINANCIAL DATA), Chase wants to directly charge the Fintech also?
AFAICT, any data that is yours, you are free to forward onto whatever entity you'd like - your accountant, your fintech, whatever. I don't see them saying you can't. They just aren't going to help facilitate all the access, security, support, infrastructure, etc.. to directly support anyone who isn't a direct customer.
Now, if they charge YOU to access your own data, that would be a bit outlandish. It wouldn't surprise me, but it'd more clearly be in the wrong.
The GPL requires those redistributing binaries t
Re: (Score:1)
> So, if I'm a Chase bank customer (they make money off of my account) who approves one of these Fintech services to hook into my account and use my financial data (emphasis on MY FINANCIAL DATA), Chase wants to directly charge the Fintech also?
> Is that a correct interpretation?
> Or are the Fintechs somehow freely accessing vast troves of financial data without permission?
Not quite correct.
Right now if you wish to use the fintech services, you have to give them your banking account username/password and disable MFA.
This is the only method available for you to give the fintech company access to your account info.
The banks want to create an API for this purpose, so you don't have to share your password or disable MFA.
In normal situations for example, you could authorize my existing username to have access to your account. You wouldn't make the password for me, I'd do that, yo
Re: (Score:2)
Mod parent up! Good explanation, and great example (youtube API).
Screw them! (Score:2)
The only other party with access to my banking data should be my bank.
If some financial app wants to make an e-transfer, allow it if I say so.
But scraping my banking data, storing insecurely, then selling it on to a 'business partner'? No fucken way.
use the full power of your office and the broader (Score:2)
They have none.
Re: Can see both sides, but... (Score:2)
How about "it's free if it's not for profit"?
Re: (Score:2)
Aaand watch all the companies becomes "non-profit". They still make billions, but they're officially non-profit. Got a legal document right here that says so.
Re: (Score:2)
> If I had to download my statements and upload them to the third party on my own the banks wouldn't charge for that but saving me the download/upload step suddenly costs the bank money?
If that's actually the situation (same data, customer delivery versus authorized entity acting on customers behalf), I 100% see the banks logic!
You are the banks customer. If you have any issues with the data, they will support you. And they support a normal customers level of access to that data (normal usage patterns, credential management, etc..).
The other party does not have a direct relationship with the bank. That other party is working for you. Their relationship is with you. For the bank to take on
Re: Can see both sides, but... (Score:3)
These are private enterprises negotiating in a free market. Thus if the banks are willing to charge fees and lose potential customers as a result, it is what the market has decided and thus it is perfectly logical. To even suggest that the market is illogical reeks of communist woke liberal trans anti man women's health.
Re: (Score:2)
This but unironically. Why should Klarna have some sort of legislated privilege to get the banks to do work for them for free?
Incidentally, Klarna sucks; they offered some sort of premium -- I think a case or something -- for buying Bose headphones through them, then they never provided it and didn't respond to inquiries. It wasn't expensive enough to make a big fight over but it definitely soured me on Klarna.