Stripe has filed opposition to JPMorgan fees as the CFPB attempts to revamp its rule that governs the sharing of personal financial data.
Stripe represents the first financial-technology firm to directly and publicly appeal to the US Consumer Financial Protection Bureau (CFPB) to take immediate action against banks charging for access to their clients’ financial data.
The process of allowing JPMorgan Chase to charge fees while the CFPB considers whether to allow the bank and other financial institutions to do so is expected to cause significant damage to the marketplace and consumers, according to officials of Stripe.
More information on Stripe’s opposition to JPMorgan fees
The initiative made by Stripe comes as the CFPB attempts to revamp its rule governing the sharing of personal financial data. The institution acknowledged that it’s commenting at an “early juncture”, but mentioned that the process allowing banks to levy charges while the regulatory landscape is unclear would mean that several businesses and consumers are set to suffer harm before the CFPB can finalise a rule that prohibits or limits such fees.
In addition, according to The Business Times, Stripe also laid out several options for the CFPB, including the procedure of potentially bringing enforcement actions against banks that move to charge fees. This will take place while the agency works on its new rule and reporting “anti-competitive conduct” that the CFPB finds to the Federal Trade Commission or the Justice Department.
Stripe’s letter to the CFPB represents the latest initiative in a conflict that started in July 2025, when JP Morgan announced institutions and data aggregators that it would begin charging significant fees for accessing customer data. At the moment of the publication, JPMorgan Chase reportedly already sent pricing sheets to data aggregators, which are set to act as intermediaries that link banks with fintech companies, underlining new charges that can depend on use case.
Commenting on the decision, a spokesperson from JPMorgan Chase emphasised that the financial institution has invested substantial resources in the process of developing a valuable and secure system that safeguards consumer data. At the same time, JPMorgan stated that it had productive conversations and was working at the moment with the entire ecosystem to ensure that all of those involved make the necessary investments in the needed infrastructure that maintains the safety of customers.
