Fintech and Crypto Executives Urge Trump to Block Bank Data Access Fees

Fintech and crypto executives are urging the Trump administration to block US banks from charging fees for customer data access, arguing that it would hinder innovation and cause small businesses to shut down. Companies like Klarna, Robinhood, and Gemini have signed a letter to President Trump opposing the fees, while JPMorgan and PNC plan to charge fees for data access. The executives claim that large banks are trying to restrict access to a more open and modern financial system.

Fintech and crypto executives have sent a letter to President Trump, urging him to block U.S. banks from charging fees for customer data access. The letter, signed by over 80 executives from companies including Klarna, Robinhood, and Gemini, argues that these fees would stifle innovation, weaken the U.S.'s global competitiveness, and hinder consumer control over financial data [1][2][3].

The executives claim that large banks are trying to restrict access to a more open and modern financial system. They argue that the fees create an uneven playing field, where fintech platforms are charged for data access while banks provide similar services for free. This, they say, could potentially deter technological progress and limit consumer choice [4][5].

The letter, published by the Financial Technology Association (FTA), was sent today and urges the White House to take immediate action before the fees hit the market in September. The executives are not disputing fair pricing but are opposed to the fees' anti-competitive design. They argue that these fees are aimed at consolidating power and threatening to shut down financial tools and small businesses entirely [1][2][3].

The letter also highlights the potential impact on innovation in the digital asset and fintech sectors. The executives warn that these access fees could drive innovation offshore and stifle the expansion of low-cost payments, increasing costs for small businesses [4][5].

JPMorgan and PNC have announced plans to charge fees for data access, while the executives argue that the current system should remain free to ensure consumers have control over their financial lives in the digital economy.

The debate over data governance is ongoing, with fintech advocates prioritizing consumer control and banks emphasizing data security compensation. The executives urge the Trump administration to use the full power of its office to prevent banks from creating this barrier to financial freedom [1][2][3].

References:
[1] https://www.mitrade.com/insights/news/live-news/article-3-1042919-20250815
[2] https://www.cryptopolitan.com/crypto-bosses-urge-to-stop-data-access-fee/
[3] https://www.ainvest.com/news/fintech-crypto-leaders-urge-trump-block-bank-data-access-fees-2508/