“The Plaid–JPMorgan agreement underscores how urgent it is to resolve the debate over consumer data access. By attaching fees to consumer-permissioned data, the deal sets a dangerous precedent that threatens to shrink competition, limit consumer choice, and slow the pace of responsible innovation.

"Consumers deserve the ability to control and share their own financial data freely and securely. Without clear policy or regulatory guardrails, we will continue to see arrangements like this one emerge in ways that tilt the playing field toward the largest incumbents.

"AFC and our members remain committed to working with policymakers, regulators, and industry partners to craft pragmatic solutions that protect consumers while ensuring America remains the global leader in financial innovation. The path forward must be one that guarantees consumer rights, promotes competition, and enables innovation to flourish.”

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