A group of crypto and fintech leaders has called on US President Donald Trump to ban banks from charging fees for customer data access, arguing it limits consumer choice.
Appeal to the President
In a letter sent to Trump on Wednesday, major banks were accused of seeking to "preserve their market position by imposing exorbitant new 'account access' fees that would prevent consumers from connecting their accounts to better financial products of their choice."
Open Banking Rules
The 'open banking rule' finalized by former President Joe Biden allowed customers to share bank data with fintechs for free. This rule was welcomed by the crypto community but faced strong opposition from leading banking industry groups, who sued the regulator.
Response from the Banking Industry
Banking groups led by the American Bankers Association responded to the letter on Wednesday, stating that the group was looking to "undermine free markets and engage in government price fixing."
The relationship between the banking and crypto sectors remains tense, with both sides expressing their views on regulations and data fees.
