The CFPB is preparing a mid-July Notice of Proposed Rulemaking on its hotly contested OPEN BANKING rule 1033 that would allow banks to charge volume-based fees any time consumers access their own financial data through third-party fintechs and data aggregators, a proposal drawing opposition from conservative groups, consumer advocates, the crypto community, Senator Cynthia Lummis, and former Trump administration officials who have called the fees “tolls on data” that give incumbents monopoly power over financial data flows. JPMorgan Chase has already been seeking agreements with data aggregators, including Plaid, to charge access fees amid regulatory uncertainty, while fintechs warn that volume-based fees would entrench legacy institutions, raise costs for consumers, and suppress competition from newer entrants in payments, lending, and crypto. The current Biden-era rule remains enjoined in the Eastern District of Kentucky while the Trump CFPB develops its replacement, with a final rule targeted by year-end.
CFPB Preparing to Allow Big Bank Fees on Digital Transactions in Open Banking Rule
