By the end of 2024, U.S. regulators issued landmark open banking rules aimed at addressing the long-standing dispute over control of customer financial data between banks and technology companies. The rules grant consumers the right to access, download, and transfer their personal financial data for free, marking the beginning of a new era of financial data openness.

However, less than ten months after the implementation of this policy, it is facing severe challenges. It is reported that major banks in the United States are planning to charge fees for customer data access, a move that has sparked strong dissatisfaction among fintech, cryptocurrency, and retail giants. Executives from multiple companies expressed anger over this practice, believing it could hinder financial innovation and consumer rights.

In the face of the increasingly tense situation, policymakers have stated that they will re-examine and possibly revise existing rules. This turning point highlights the complexity of balancing the interests of financial institutions, the demands of technological innovation, and the protection of consumer rights in the era of the digital economy.

The development of this event will have a profound impact on the financial services industry, potentially redefining the rules of data sharing and business models. At the same time, it also highlights the need for ongoing dialogue and compromise among all parties in the process of promoting financial openness and innovation, in order to find a solution that balances the interests of all.