The final cost of new data-access fees could prove existential for many fintech companies.
For years, JPMorgan Chase—the largest bank in the United States—has pushed back against providing customer data to fintech firms at no cost. Now, amid a broader rollback of financial regulation, the bank appears ready to monetize that access. Under CEO Jamie Dimon, JPMorgan Chase is moving to impose new fees on fintech data aggregators, a shift that could significantly reshape the balance of power between traditional banks and fintech challengers.
Fintech companies rely heavily on access to consumer bank data to enable core services such as money transfers, budgeting tools, and account monitoring. Over the past decade, data aggregators like Plaid and MX emerged to facilitate secure connections between banks and fintech apps, charging fintech firms for the service while banks provided the underlying data for free. That arrangement was largely driven by a Consumer Financial Protection Bureau rule that barred banks from charging for consumer data access.
In May, however, the CFPB announced plans to repeal that rule as part of the Trump administration’s broader deregulatory agenda. JPMorgan Chase has wasted little time responding. Earlier this month, the bank sent pricing proposals to data aggregators, signaling its intent to begin charging for access to customer data.
While exact details remain unclear, the proposed fees are particularly high for payments-related data. One person familiar with the pricing estimates that Plaid could face as much as $300 million a year in new costs—more than 75% of its revenue in 2024. Representatives for both JPMorgan Chase and Plaid declined to comment on the specific figures.
Some fintech executives acknowledge that charging something for data access is reasonable. JPMorgan Chase has said maintaining secure data infrastructure requires significant investment. However, the lack of transparency around the bank’s actual costs—and how it arrived at the proposed fee levels—has fueled concern across the fintech sector.
Critics warn that if the fees remain unchanged, fintechs may be forced to cut back on popular features or raise prices, ultimately harming consumers. The Financial Technology Association accused JPMorgan Chase of using pricing to stifle competition, tax innovation, and entrench its market dominance.
JPMorgan Chase counters that the fees are intended to curb excessive data requests. According to the bank, it receives nearly two billion monthly data requests from intermediaries, with more than 90% allegedly unrelated to active consumer use of fintech services. The bank says charging for access will ensure data is shared only when customers explicitly request it. JPMorgan Chase also notes that its existing agreements with aggregators allow for data-access fees.
Plaid maintains that it provides data only with consumer permission and has invested heavily in building and securing its data connections. The company argues that customer data belongs to consumers, not banks.
Some industry observers suggest alternative approaches. One proposal is for banks to offer consumers a paid data-sharing subscription, similar to cloud storage plans, allowing individuals to control and fund how their data is shared. JPMorgan Chase has said it has no plans to pursue such a model.
If JPMorgan Chase’s fees take effect, other large banks are widely expected to follow suit rather than cede competitive advantage. PNC Bank’s CEO has already indicated that similar charges are under consideration.
For now, data aggregators are hoping negotiations will lead to lower fees. There is speculation that JPMorgan Chase may be opening with aggressive pricing as a negotiation tactic, leaving room for compromise. Talks are being led by Allison Beer, the bank’s CEO of Card Services and Connected Commerce.
The outcome of these negotiations could determine whether fintech innovation continues to flourish—or faces a costly new barrier to survival.
