Fintech and Crypto Executives Challenge Proposed Bank Fees on Customer Data Access

Fintech and crypto CEOs are urging the Trump administration to ban US banks from charging fees for customer data access, arguing that this would stifle innovation and force many small businesses and financial tools to shut down. They contend that such fees would hinder the development of new financial technologies and services.

Title: Fintech and Crypto CEOs Urge Trump Administration to Ban Data Access Fees

Fintech and crypto CEOs have called on the Trump administration to block US banks from charging fees for customer data access, arguing that such fees would stifle innovation and potentially force many small businesses and financial tools to shut down. The plea comes as major banks like JPMorgan Chase & Co. and PNC Financial Services Group Inc. are considering implementing such charges, which could disrupt the business models of fintech companies and data aggregators.

Top executives from companies such as Klarna Group Plc, Robinhood Markets Inc., and crypto exchange Gemini have signed a letter addressed to President Donald Trump, urging him to prevent the largest institutions from raising new barriers to financial freedom. They contend that the proposed fees would "cripple" innovation and "may cause small businesses and financial tools to shut down entirely" [3].

JPMorgan Chase & Co., the largest US bank, has informed fintech companies and data aggregators that customer account information will no longer be accessible without a charge. The bank views these aggregators as freeloaders who access data without paying and then charge their fintech clients for it. PNC Financial Services Group Inc. is also considering similar fees [3].

The letter emphasizes the importance of maintaining open access to customer data for fintech and crypto companies, which rely on this data to provide innovative financial services. The executives argue that blocking these fees would allow these companies to continue developing new technologies and services, fostering competition and growth in the financial sector.

The Trump administration has yet to respond to the letter, but the move by major banks to charge for data access has sparked concerns among fintech and crypto executives about the potential impact on their businesses. They argue that such fees would create a barrier to entry for new companies and hinder the development of new financial technologies [3].

References:
[1] https://www.reuters.com/legal/transactional/trumps-debanking-order-could-create-headaches-banks-sources-say-2025-08-14/
[2] https://www.wionews.com/business-economy/trump-administration-unveils-nearly-1-billion-plan-to-boost-us-critical-minerals-supply-1755166455855
[3] https://www.bloomberg.com/news/articles/2025-08-14/fintech-crypto-ceos-urge-trump-to-block-banks-data-access-fees