CEOs urge President Trump to take action as fees are set to impact the market in September
WASHINGTON, D.C. – Today, the Financial Technology Association (FTA) released a public letter from over 80 business leaders urging President Donald J. Trump to oppose exorbitant consumer data access fees that would prevent consumers from connecting their bank accounts to better financial products of their choice.
The letter urges the President to use all the tools in his power to prevent the nation’s largest banks from imposing these fees, which are set to impact the market in September. These access fees are not permitted under current law, and if allowed to go into effect, would undermine American leadership in financial services and thwart innovation, competition, and choice. Charging data access fees goes against the will of consumers, as 90% of Americans believe they, not big banks, should control how and when their financial data is used.
Signers represent a wide cross-section of the American economy, including innovative banks, fintechs, crypto companies, credit access firms, startups, retailers, and Main Street businesses that rely on open banking connectivity to serve their customers. The full text of the letter is below and may be downloaded here.
August 13, 2025
The Honorable Donald J. Trump
President of the United States
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
Dear Mr. President,
We are leaders of companies and organizations doing business in America and helping American companies grow and thrive, who write to you today because we share your commitment to a dynamic, competitive U.S. economy. That shared vision for economic freedom is under direct threat from the nation’s largest banks.
Your Administration has acted decisively to correct the misguided policies of the past, and is laying the groundwork for the U.S. to build a truly 21st-century economy, and to lead the world in digital assets, artificial intelligence, and financial innovation.
Today, the progress your Administration has made is being actively threatened as some of the nation’s biggest banks find new ways to deny consumers access to basic financial services. Large banks are taking aggressive action to preserve their market position by imposing exorbitant new “account access” fees that would prevent consumers from connecting their accounts to better financial products of their choice. This access is critical to ensuring Americans have control of their own financial lives in a digital economy. More fundamentally, they are advancing a dangerous legal interpretation that a consumer’s right to their account information does not include the freedom to share access to a trusted application acting on their behalf.
This undermines the long-standing principle of consumer choice, which you vigorously supported during your first Administration. If the large banks are successful, it will choke off access to the finances of consumers and businesses, effectively killing competition and crippling American innovation in three critical, future-defining fields:
Cryptocurrency: America’s ability to lead in the responsible development of digital assets depends on safe, reliable on-ramps connecting our banking system to the new ecosystem. Severing this connection will drive innovation offshore and diminish U.S. influence.
Artificial Intelligence: The entire promise of personalized AI to help Americans manage their financial lives hinges on these tools acting as a consumer’s authorized agent. The banks’ position would grant them powerful control over the future of financial AI assistants that might help consumers find better deals or manage their lives.
Digital Wallets and Payments: By blocking access, banks will stifle the growth of low-cost, innovative payments, reinforcing reliance on legacy payment networks and increasing costs for the small businesses that are the backbone of our economy.
This is not a dispute over fair pricing; it is an anti-competitive move designed to consolidate power. It threatens to cripple innovative products and may cause small businesses and financial tools to shut down entirely. With these fees set to impact the market in September, the White House should act immediately. Account access fees are not permitted under the law, and if they are allowed to go into effect it will undermine the pro-innovation consensus your Administration is building.
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. This is fundamentally about honoring the informed consent of consumers who choose to link their accounts to innovative tools that will power America’s future in digital assets, artificial intelligence and payments innovation. Account access and data belong to the customer.
This is a defining moment. We cannot allow the most powerful, entrenched banks to close the door on a more open and modern financial system. We stand ready to work with you to ensure America continues to lead the world in technology and innovation for the benefit of the American people.
Respectfully,
Penny Lee, President and CEO, Financial Technology Association
Ingo Uytdehaage, Co-CEO, Adyen
Phil Goldfeder, CEO, American Fintech Council
Alex Rampell, General Partner, Andreessen Horowitz
Ray Alvarez, CEO, ARK Ecosystem
Gary Bradshaw, CEO, AttendStar
Aya Kantorovich, Co-Founder and Co-CEO, August Digital
Sean Greene, Founder and CEO, Bambino Technologies, Inc.
Sarah Levy, CEO, Betterment
Michael Fisk, CEO, Blender
Summer Mersinger, CEO, Blockchain Association
Andrew Ayer, Founder and CEO, BlueNotary
Eyal Lifshitz, Founder and CEO, Bluevine
Pedro Franceschi, Founder and CEO, Brex
Zach Abrams, Co-Founder and CEO, Bridge
Zuben Mathews, Co-Founder and CEO, Brigit
Dag Syversen, CEO, Canterbury Pilgrimages and Tours, Inc.
Joshua Itano, CEO, CareCar, Inc.
Chris Britt, Co-Founder and CEO, Chime
Barney Hussey-Yeo, Founder and CEO, Cleo
Taylor Clark, President, Community Ally, Inc.
Matthew Beadlecomb, Co-Founder, Compost Nashville
Ji Hun Kim, CEO, Crypto Council for Innovation
Jason Wilk, Founder and CEO, Dave
Cody Carbone, CEO at The Digital Chamber
James C. Killion, CEO, Digizent International LLC
Steven Tey, Founder and CEO, Dub.co.
Steve Ely, CEO, eCredable
Avichal Garg, Co-Founder and General Partner, Electric Capital
Steve Boms, Executive Director, Financial Data and Technology Association
Leslie G. Sarasin, President and CEO, FMI – The Food Industry Association
Cameron Winklevoss, Co-Founder and President, Gemini
Tyler Winklevoss, Co-Founder and CEO, Gemini
Alex Hackney, President, Hackney Enterprises, Inc.
Jordan Garn, CEO, Homerun Dev
Tefari Bailey, CEO, Hutsy Financial
Ben Stein, CEO, Jensen Technology, Inc. (Keeper)
Sebastian Siemiatkowski, Co-Founder and CEO, Klarna
Arjun Sethi, Co-CEO, Kraken and Chairman, Tribe Capital
Scott Sanborn, CEO, LendingClub
Jose Bethancourt, Co-Founder and CEO, Method Financial
Ryan Caldwell, Founder and CEO, MX
Henry O. Armour, President and CEO, National Association of Convenience Stores
Greg Ferrara, President and CEO, National Grocers Association
Matthew Haggard, Partner, One Part Rain, LLC
Raul Vazquez, CEO, Oportun
Matt Huang, Co-Founder and Managing Partner, Paradigm
Evan Goldin, Co-Founder and CEO, Parkade
Matthew Renner, Chairman and Co-Founder, PassPass
Alex Chriss, President and CEO, PayPal
Jake Watson, Esq., CEO, Pepperbox TV
Robert Morris, CEO, Pionex
Luke Voiles, CEO, Pipe
Zach Perret, Co-Founder and CEO, Plaid
Jeff Berg, CEO, Planning Center
Christopher Yin, Founder and CEO, Plume Network
Jason Rosen, Founder and CEO, Prism Data
Saikiran Chandha, CEO, PubGenius, Inc.
Michael Seifert, CEO and Founder, PublicSquare
Daniel Uyemura, Co-Founder and CEO, PushPress
Nate Baker, Founder and CEO, Qualia Labs, Inc.
Ruben Martin, Co-Founder and CEO, Quivers
Matt Oppenheimer, Co-Founder and CEO, Remitly
Eugene Johnson, CEO, Revi
Meyer Malka, Ribbit Capital
Vlad Tenev, Chairman and CEO, Robinhood Markets, Inc.
Paul Osborne, Owner, Scoreboard
Tobi Lütke, Founder and CEO, Shopify
Chase Dalton, Founder and CEO, Silicon Signs
Anthony Noto, CEO, SoFi
Edward Vincent, CEO, SRA Watchtower
Benjamin Bottner, Founder and CEO, Steady Install, Inc.
Patrick Collison, Co-Founder and CEO, Stripe
Rafael Sands, Co-Founder and CEO, Tandem Space, Inc.
Victor Radzinsky, CEO, TaxDome
Warren Hogarth, Co-Founder and CEO, Tilt Finance, Inc.
Ian Prendergast, Co-Founder and CEO, Toothio, Inc.
Conor Lyden, Founder and CEO, Trustap
Dave Girouard, Founder and CEO, Upstart
Anton Koenig, Co-Founder and CEO, VideoGen
Bhagaban Behera, Co-Founder and CEO, Walrus Tech Inc
Jason Lloyd, President and CEO, WebBank
Garry Tan, President and CEO, Y Combinator
John Loughlin, CEO, Zenfolio
ABOUT US
The Financial Technology Association (FTA) is a network of fintech leaders shaping the future of finance. We champion the power of technology-driven financial services to catalyze innovation and advocate for modernized policies and regulations that reflect the digital transformation.
Over 80 CEOs Urge President Trump to Oppose Exorbitant Consumer Data Access Fees
CEOs urge President Trump to take action as fees are set to impact the market in September
WASHINGTON, D.C. – Today, the Financial Technology Association (FTA) released a public letter from over 80 business leaders urging President Donald J. Trump to oppose exorbitant consumer data access fees that would prevent consumers from connecting their bank accounts to better financial products of their choice.
The letter urges the President to use all the tools in his power to prevent the nation’s largest banks from imposing these fees, which are set to impact the market in September. These access fees are not permitted under current law, and if allowed to go into effect, would undermine American leadership in financial services and thwart innovation, competition, and choice. Charging data access fees goes against the will of consumers, as 90% of Americans believe they, not big banks, should control how and when their financial data is used.
Signers represent a wide cross-section of the American economy, including innovative banks, fintechs, crypto companies, credit access firms, startups, retailers, and Main Street businesses that rely on open banking connectivity to serve their customers. The full text of the letter is below and may be downloaded here.
August 13, 2025
The Honorable Donald J. Trump
President of the United States
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
Dear Mr. President,
We are leaders of companies and organizations doing business in America and helping American companies grow and thrive, who write to you today because we share your commitment to a dynamic, competitive U.S. economy. That shared vision for economic freedom is under direct threat from the nation’s largest banks.
Your Administration has acted decisively to correct the misguided policies of the past, and is laying the groundwork for the U.S. to build a truly 21st-century economy, and to lead the world in digital assets, artificial intelligence, and financial innovation.
Today, the progress your Administration has made is being actively threatened as some of the nation’s biggest banks find new ways to deny consumers access to basic financial services. Large banks are taking aggressive action to preserve their market position by imposing exorbitant new “account access” fees that would prevent consumers from connecting their accounts to better financial products of their choice. This access is critical to ensuring Americans have control of their own financial lives in a digital economy. More fundamentally, they are advancing a dangerous legal interpretation that a consumer’s right to their account information does not include the freedom to share access to a trusted application acting on their behalf.
This undermines the long-standing principle of consumer choice, which you vigorously supported during your first Administration. If the large banks are successful, it will choke off access to the finances of consumers and businesses, effectively killing competition and crippling American innovation in three critical, future-defining fields:
Cryptocurrency: America’s ability to lead in the responsible development of digital assets depends on safe, reliable on-ramps connecting our banking system to the new ecosystem. Severing this connection will drive innovation offshore and diminish U.S. influence.
Artificial Intelligence: The entire promise of personalized AI to help Americans manage their financial lives hinges on these tools acting as a consumer’s authorized agent. The banks’ position would grant them powerful control over the future of financial AI assistants that might help consumers find better deals or manage their lives.
Digital Wallets and Payments: By blocking access, banks will stifle the growth of low-cost, innovative payments, reinforcing reliance on legacy payment networks and increasing costs for the small businesses that are the backbone of our economy.
This is not a dispute over fair pricing; it is an anti-competitive move designed to consolidate power. It threatens to cripple innovative products and may cause small businesses and financial tools to shut down entirely. With these fees set to impact the market in September, the White House should act immediately. Account access fees are not permitted under the law, and if they are allowed to go into effect it will undermine the pro-innovation consensus your Administration is building.
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. This is fundamentally about honoring the informed consent of consumers who choose to link their accounts to innovative tools that will power America’s future in digital assets, artificial intelligence and payments innovation. Account access and data belong to the customer.
This is a defining moment. We cannot allow the most powerful, entrenched banks to close the door on a more open and modern financial system. We stand ready to work with you to ensure America continues to lead the world in technology and innovation for the benefit of the American people.
Respectfully,
Penny Lee, President and CEO, Financial Technology Association
Ingo Uytdehaage, Co-CEO, Adyen
Phil Goldfeder, CEO, American Fintech Council
Alex Rampell, General Partner, Andreessen Horowitz
Ray Alvarez, CEO, ARK Ecosystem
Gary Bradshaw, CEO, AttendStar
Aya Kantorovich, Co-Founder and Co-CEO, August Digital
Sean Greene, Founder and CEO, Bambino Technologies, Inc.
Sarah Levy, CEO, Betterment
Michael Fisk, CEO, Blender
Summer Mersinger, CEO, Blockchain Association
Andrew Ayer, Founder and CEO, BlueNotary
Eyal Lifshitz, Founder and CEO, Bluevine
Pedro Franceschi, Founder and CEO, Brex
Zach Abrams, Co-Founder and CEO, Bridge
Zuben Mathews, Co-Founder and CEO, Brigit
Dag Syversen, CEO, Canterbury Pilgrimages and Tours, Inc.
Joshua Itano, CEO, CareCar, Inc.
Chris Britt, Co-Founder and CEO, Chime
Barney Hussey-Yeo, Founder and CEO, Cleo
Taylor Clark, President, Community Ally, Inc.
Matthew Beadlecomb, Co-Founder, Compost Nashville
Ji Hun Kim, CEO, Crypto Council for Innovation
Jason Wilk, Founder and CEO, Dave
Cody Carbone, CEO at The Digital Chamber
James C. Killion, CEO, Digizent International LLC
Steven Tey, Founder and CEO, Dub.co.
Steve Ely, CEO, eCredable
Avichal Garg, Co-Founder and General Partner, Electric Capital
Steve Boms, Executive Director, Financial Data and Technology Association
Leslie G. Sarasin, President and CEO, FMI – The Food Industry Association
Cameron Winklevoss, Co-Founder and President, Gemini
Tyler Winklevoss, Co-Founder and CEO, Gemini
Alex Hackney, President, Hackney Enterprises, Inc.
Jordan Garn, CEO, Homerun Dev
Tefari Bailey, CEO, Hutsy Financial
Ben Stein, CEO, Jensen Technology, Inc. (Keeper)
Sebastian Siemiatkowski, Co-Founder and CEO, Klarna
Arjun Sethi, Co-CEO, Kraken and Chairman, Tribe Capital
Scott Sanborn, CEO, LendingClub
Jose Bethancourt, Co-Founder and CEO, Method Financial
Ryan Caldwell, Founder and CEO, MX
Henry O. Armour, President and CEO, National Association of Convenience Stores
Greg Ferrara, President and CEO, National Grocers Association
Matthew Haggard, Partner, One Part Rain, LLC
Raul Vazquez, CEO, Oportun
Matt Huang, Co-Founder and Managing Partner, Paradigm
Evan Goldin, Co-Founder and CEO, Parkade
Matthew Renner, Chairman and Co-Founder, PassPass
Alex Chriss, President and CEO, PayPal
Jake Watson, Esq., CEO, Pepperbox TV
Robert Morris, CEO, Pionex
Luke Voiles, CEO, Pipe
Zach Perret, Co-Founder and CEO, Plaid
Jeff Berg, CEO, Planning Center
Christopher Yin, Founder and CEO, Plume Network
Jason Rosen, Founder and CEO, Prism Data
Saikiran Chandha, CEO, PubGenius, Inc.
Michael Seifert, CEO and Founder, PublicSquare
Daniel Uyemura, Co-Founder and CEO, PushPress
Nate Baker, Founder and CEO, Qualia Labs, Inc.
Ruben Martin, Co-Founder and CEO, Quivers
Matt Oppenheimer, Co-Founder and CEO, Remitly
Eugene Johnson, CEO, Revi
Meyer Malka, Ribbit Capital
Vlad Tenev, Chairman and CEO, Robinhood Markets, Inc.
Paul Osborne, Owner, Scoreboard
Tobi Lütke, Founder and CEO, Shopify
Chase Dalton, Founder and CEO, Silicon Signs
Anthony Noto, CEO, SoFi
Edward Vincent, CEO, SRA Watchtower
Benjamin Bottner, Founder and CEO, Steady Install, Inc.
Patrick Collison, Co-Founder and CEO, Stripe
Rafael Sands, Co-Founder and CEO, Tandem Space, Inc.
Victor Radzinsky, CEO, TaxDome
Warren Hogarth, Co-Founder and CEO, Tilt Finance, Inc.
Ian Prendergast, Co-Founder and CEO, Toothio, Inc.
Conor Lyden, Founder and CEO, Trustap
Dave Girouard, Founder and CEO, Upstart
Anton Koenig, Co-Founder and CEO, VideoGen
Bhagaban Behera, Co-Founder and CEO, Walrus Tech Inc
Jason Lloyd, President and CEO, WebBank
Garry Tan, President and CEO, Y Combinator
John Loughlin, CEO, Zenfolio
ABOUT US
The Financial Technology Association (FTA) is a network of fintech leaders shaping the future of finance. We champion the power of technology-driven financial services to catalyze innovation and advocate for modernized policies and regulations that reflect the digital transformation.