JPMorgan Data Fees Take Center Stage in Open Banking Battle

Fees announced by JPMorgan Chase & Co. to access its customers’ data, and its deal with data aggregator Plaid Inc., emerged as key flash points for banks and fintechs weighing in on the Consumer Financial Protection Bureau’s rewrite of a Biden-era open banking rule.

JPMorgan’s fees show what will happen if the agency allows banks and other data providers to impose similar charges, banks and fintechs said in comment letters due Tuesday.

But the two sides differed on what the fees mean.

“Allowing fees to be charged lets the market decide the value of services, supports ongoing maintenance and improvements ...