Feed: Slashdot
Feed Link: https://slashdot.org/
---

Title: Fintech, Crypto CEOs Urge US President To Block Banks' Data-Access
Fees

Link: https://news.slashdot.org/story/25/08/14/1422...

Top fintech and crypto executives urged the Trump administration to block US
banks from charging fees for access to customer data, levies that strike at
the heart of their business models. From a report: 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 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."

Read more of this story at Slashdot.

---
VRSS v2.1.180528