JPMorgan Chase has announced it will begin charging fintech companies fees amounting to hundreds of millions of dollars for access to customer bank account data, including transaction histories, balances, and behavioral signals. This policy shift affects data aggregators such as Plaid and fintech firms like Chime, Affirm, Block, PayPal, and Square, with higher fees targeted at payments-focused companies. The move follows the Consumer Financial Protection Bureau's decision to eliminate its Open Banking Rule, which had granted customers the right to control their financial data. JPMorgan CEO Jamie Dimon stated that fintech companies should be responsible for these costs. The announcement has raised concerns within the fintech and cryptocurrency industries, with some executives warning that the fees could cripple businesses reliant on free data access. Following JPMorgan, PNC Financial is also considering implementing similar charges, citing high data security and readability costs. The fintech and crypto sectors have begun efforts to oppose these fees, arguing that banks aim to preserve continuous, high-volume data extraction without customer awareness, often for resale purposes. JPMorgan's fees will apply when customers move funds from their JPMorgan accounts to crypto platforms or third-party services like Robinhood, intensifying tensions between traditional banks and emerging financial technology firms.