JPMorgan Chase will move its notices on the sharing of customer data with fintechs to the front of the Chase banking app, placing data-sharing options on the app’s homepage as the latest step in a long-running fight over how fintechs access sensitive bank data. Existing connections to third-party apps will not be disrupted unless a customer chooses to change them. The main objective is to put open banking data-sharing controls front and center for customers, a reminder of where their information is held, as the bank continues to defend its approach after reaching paid data-access agreements with aggregators including Plaid, and says such agreements have been negotiated with all data aggregators using its secure channels. The dispute sits against the backdrop of a Consumer Financial Protection Bureau rule, finalized in October 2024 and since being reworked under the Trump administration, that would have required banks to let customers connect accounts to fintechs free of charge; fintechs such as Venmo and Coinbase rely on this data so customers can send, receive, and trade money. Key players include JPMorgan, data aggregators like Plaid, and the CFPB.
JPMorgan Tweaks Data-Sharing Notices in Battle With Fintechs
