Aftershocks with Fintech lawyer Jesse Silverman: Open Banking in the Crosshairs with JP Morgan’s data announcement

In an unprecedented move, JPMorgan Chase announced plans to charge fintech companies for accessing consumer data, igniting significant debate within the fintech community. This decision follows the Consumer Financial Protection Bureau's announcement to rescind Rule 1033, which previously mandated free data access under consumer consent. The decision has profound implications for open banking and the fintech sector, with potential alterations in partnerships and strategies. Industry players face uncertainty as they navigate technical, legal, and ethical challenges, balancing infrastructure costs with consumer rights and business interests. The outcome is uncertain, with ongoing litigation possibly influencing the landscape.

Bloomberg Story referenced:

Jesse’s Contact: https://www.linkedin.com/in/jessebsilverman/

Fintech Takes:

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