Imagine, if you will, a world where banks charge fintechs for the privilege of *existing*. Sounds bonkers? Welcome to the CFPB’s latest soap opera, where one official is reportedly losing sleep over JPMorgan Chase’s bright idea to monetize customer data. Because nothing says “consumer protection” like letting banks bill startups for the right to compete, right? 🐉
According to sources (who, naturally, requested anonymity because adulting is hard), the unnamed CFPB bigwig is side-eyeing the agency’s own sabotage of Biden’s open banking rule. Turns out, repealing regulations without a plan is like inviting a dragon to a tea party—suddenly everyone’s paying for damages. Bloomberg reports the CFPB’s Acting Director, Russell Vought, is now begging a judge to ax the rule, claiming banks have a “right” to charge fees for APIs. 🤦♂️
The rule in question? Designed to stop banks from price-gouging fintechs like Venmo or Coinbase for access to basic account data. But hey, why let pesky competition ruin a good profit margin? Critics warn this could crush innovation faster than a rogue tumbleweed in a hurricane. Graham Steele, former Biden Treasury wizard, blames Trump’s administration for turning the CFPB into a policy piñata. “They swung the bat, and now fintechs are paying for the confetti,” he quipped. 🎉
Meanwhile, JPMorgan’s CEO Jamie Dimon shrugged during an earnings call, claiming APIs cost “a lot of money.” Because we all know banks are the real victims here—the horror of having to *not* overcharge for basic infrastructure. 😂
Venture capitalist Alex Rampell isn’t buying it. “This isn’t about revenue—it’s about strangling competition,” he spat, probably while side-eyeing his stock portfolio. “If JPMorgan gets away with this, banks will form a giant squid of the financial world. And nobody wants that.” 🐙
The CFPB declined to comment, which is basically corporate code for “we’re figuring out how to apologize to the internet.” Stay tuned for the next episode of *Regulatory Theater*, where the plot twists are free but the data isn’t. 🎭
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2025-07-23 03:02