JPMorgan Chase has reached an agreement with Plaid, a major financial data aggregator, which will impose new fees for accessing consumer financial information. This deal has been criticized by fintech groups who argue it undermines competition and consumer rights, especially amid ongoing regulatory uncertainty regarding open banking in the U.S.

A coalition of ten major fintech and crypto trade groups is urging President Trump to intervene against JPMorgan's proposed fees for accessing consumer banking data, which they argue could stifle innovation and de-bank millions of Americans. The letter emphasizes that financial data should belong to consumers and warns that such fees threaten the adoption of stablecoins and self-custody wallets. The situation is complicated by ongoing legal battles over the Consumer Financial Protection Bureau’s open banking rule, which mandates free access to consumer data.