Open banking fees fuel debate

Group 1 - JPMorgan has taken the lead in implementing new fees for data aggregators like Plaid and MX Technologies, which collect consumer data for fintech applications, including payment processing [3][7] - The Consumer Financial Protection Bureau (CFPB) is revising an open banking rule from the Biden administration, which has faced legal challenges from the Banking Policy Institute (BPI) [3][4] - The future of the open banking rule is uncertain, with concerns about enforcement and potential legal challenges if fees are introduced as part of the revised rule [5] Group 2 - The CFPB's open banking rule aims to enhance competition among banks and financial services, allowing consumers direct access to their financial information, which could lower prices and improve customer service [6] - Large banks, data aggregators, and fintechs are in conflict over the costs associated with customer data sharing, with JPMorgan citing significant infrastructure costs due to data aggregation [7] - JPMorgan's new access fees apply to each digital data request from companies in the open banking ecosystem, rather than a flat monthly fee [7]