WASHINGTON, D.C. – The Financial Technology Association (FTA) today released a statement on the agreement reached between Plaid and JPMorgan Chase regarding consumer data access fees:
“This development underscores the anti-competitive ability of the nation’s largest banks to set a new market floor during a period of regulatory uncertainty,” said Penny Lee, President and CEO of the Financial Technology Association. “It demonstrates the urgent need for action to protect the right of consumers to securely permission and share their financial data without costly fees. We maintain that these fees are prohibited under current law and statute, and believe they are anti-competitive and harmful to consumers. We continue to urge the CFPB to craft a 1033 rule that protects consumer data access and ensures a competitive, innovative, and accessible financial system.”
Earlier this year, major banks indicated that they would begin charging exorbitant fees for consumer data access. FTA marshalled a coalition of crypto, fintech, innovative banks, and Main Street businesses to urge the Administration to oppose these fees and protect innovation and competition. FTA is also an intervenor-defendant in the ongoing litigation seeking to uphold consumer financial data rights.
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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.