‘Jamie Dimon Is Right’ on Data Access Fees, Barney Frank Says

Barney Frank, who co-authored a 2010 law requiring banks to let customers freely share their financial data, is now backing JPMorgan Chase & Co.’s bid to charge data aggregators for accessing that information.

“When we passed Dodd-Frank, the aim was to build trust between consumers and financial institutions; the intent was not to create a new class of middlemen who undercut the work of institutions and warehouse consumer data,” Frank (D-Mass.) said in prepared remarks obtained by Bloomberg Law ahead of an open banking event Tuesday in New York.

“Jamie Dimon is right,” Frank said, referring to JPMorgan’s chairman and ...