<ul data-eligibleForWebStory="false"><li>JPMorgan is reportedly planning to charge FinTechs for access to customer bank information, potentially amounting to hundreds of millions of dollars.</li><li>The fees, expected to take effect later this year, would be based on how the companies use the data, with higher charges for payments-focused firms.</li><li>These fees could impact FinTechs like Coinbase, Venmo, and Robinhood, which rely on accessing customers' bank accounts.</li><li>The move by JPMorgan comes amidst regulatory uncertainty around the fate of Section 1033, the 'open banking rule,' which grants consumers access to their data and is currently facing challenges in the U.S.</li></ul>

JPMorgan Preparing to Charge FinTechs for Consumer Bank Data

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