JPMorgan Chase is implementing fees for fintech companies accessing its systems due to excessive data requests. An internal memo revealed that only 13% of 1.89 billion June data requests were customer-initiated transactions. The bank cites significant system strain and escalating maintenance costs. Negotiations are underway, with fees potentially starting in October. This move follows the CFPB's support of a lawsuit aiming to overturn the 'open banking' rule, which mandated free data access. The change could disrupt the fintech ecosystem, impacting services offered by companies like Plaid and MX.

Prepared by Christopher Adams and reviewed by editorial team.