Fintech Takes Fintech Takes: Chase Leads, the CFPB Retreats, and There’s Still No Throughline
Jul 23, 2025
Evan Weinberger, a Bloomberg Law reporter and bank regulation expert, discusses JPMorgan Chase's controversial decision to charge for access to their open banking APIs. He dives into the impact this move has on fintech, data aggregators, and regulators struggling to keep pace. The conversation touches on the CFPB's recent retreats and its dwindling authority, alongside insights on fair lending and the surprising alliances forming between crypto VCs and retailers. It's a lively exploration of the banking landscape's rapid evolution and regulatory challenges.
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Chase's Aggressive Open Banking Pricing
- JPMorgan Chase's pricing for open banking APIs is aggressive and surprising to many in fintech.
- They justify fees based on infrastructure cost, risk, and capturing value from data use.
Pricing Differs by Use Case
- Chase splits API pricing between payments and non-payments use cases due to risk and cost differences.
- Payments carry more compliance and fraud risk, justifying higher fees despite lighter infrastructure usage.
Negotiations Vary Among Aggregators
- Open banking fee negotiations vary by data aggregator and began at different times.
- Chase's 60-day notice contract clause allowed earlier fee imposition than other banks.