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Finextra
10 minutes ago
- Finextra
Fintech CEOs call on Trump to block banks from imposing 'account access' fees
The CEOs of more than 80 firms in the open banking sphere have written to President Donald Trump calling on him to prevent banks from charging fees to access consumer data. 0 Last October, the Consumer Financial Protection Bureau (CFPB) published the Personal Financial Data Rights final rule, giving Americans the right to instruct their banks to share their financial data with third party providers. But, under the new administration's leadership, in May the CFPB moved to have the rule rescinded in a decision that the Financial Technology Association (FTA) described as a "handout to Wall Street banks". Since then, it has emerged that JP Morgan is planning to impose fees on companies wanting to access its clients' bank account data and has gone so far as sending pricing sheets to data aggregators - the intermediaries that link banks and fintechs. In the letter to Trump, made public by the FTA, the open banking CEOS say: "Large banks are taking aggressive action to preserve their market position by imposing exorbitant new 'account access' fees that would prevent consumers from connecting their accounts to better financial products of their choice. "This access is critical to ensuring Americans have control of their own financial lives in a digital economy." The move would undermine consumer choice, "which you vigorously supported during your first Administration," says the letter, adding that if the large banks are successful, it will choke off access to the finances of consumers and businesses, effectively killing competition. The CEOs - from the likes of Brex, Chime, Klarna, Plaid and Sofi - also argue that such a move would cripple innovation in crypto, AI and digital wallets and payments. "We urge you to use the full power of your office and the broader Administration to prevent the largest institutions from raising new barriers to financial freedom," they write.
Metro
10 minutes ago
- Metro
Inside where Trump and Putin will hold crunch summit
All eyes are turning to Alaska, where Presidents Donald Trump and Vladimir Putin will have a one-on-one summit centered on Ukraine. With the high-profile meeting just a day away, the main details have been revealed, including the exact location. The US and Russian leaders will come face-to-face at Joint Base Elmendorf-Richardson in the state's largest city, Anchorage. It is Alaska's biggest military base and spans 64,000 acres at the northern end of the city. Surrounded by mountains, glaciers and frigid lakes, the remote installation is home to American fighter jets that historically intercepted Russian aircraft. The base dates back to the Cold War era and was constructed in the 1940s as an air defence and central command center to fend off Soviet opponents. In the 1950s, the base held more than 200 fighter jets and was dubbed 'Top Cover for North America' as its mission was to track and monitor threats from enemies overseas. It was formed in 2010 with the merger of the US Air Force's Elmendorf Air Force Base and the US Army's Fort Richardson. More than 32,000 people reside at the base today, making up about 10% of Anchorage's population. White House officials have said that the installation meets safety requirements for welcoming Trump and Putin. Summit planners found Anchorage to be the most suited, after also considering the state capital of Juneau and the city of Fairbanks, according to CNN. They reportedly decided that Joint Base Elmendorf-Richardson was the only site in Anchorage that fulfills security requirements. Officials with the base and White House have declined to disclose specifics around securing the site for the historic meeting. A commander retired from the base last year said the discussion is unlikely to unfold close to area used for sensitive military operations. 'We always had visitors on base from different countries, and obviously not necessarily a Russian citizen on base, but we're always very mindful of that,' David Nahom, who led the Alaskan NORAD region, Alaskan Command and 11th Air Force, told Defense One on Wednesday. 'My guess is these conversations are not going to happen in areas that are required for the mission or would have any security concerns.' More Trending Trump went to Elmendorf-Richardson numerous times during his first term, and in his initial trip in 2019 said that troops stationed there 'serve in our country's last frontier as America's first line of defence'. Trump has expressed optimism on what can be accomplished at the summit toward ending the war in Ukraine. 'I believe now (Putin)'s convinced that he's going to make a deal,' Trump told Fox News Radio on Thursday. 'He's going to make a deal. We're going to find out – I'm going to know very quickly.' Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. MORE: Melania Trump threatens to sue Hunter Biden over Epstein link – but he won't apologise MORE: What will happen after Trump's meeting with Putin in Alaska? MORE: Trump and Putin to discuss 'huge untapped potential' for Russia-US economic gains
The Independent
10 minutes ago
- The Independent
Putin hails Trump's ‘sincere' efforts to broker peace in Ukraine
Vladimir Putin praised Donald Trump 's "energetic and sincere" attempts to end the war in Ukraine. Speaking in Moscow on Thursday, Putin stated that the US administration is making efforts to reach agreements beneficial to all parties involved in the conflict. Putin added that Trump aims to create "long-term peace" not only for Ukraine and Russia, but for the world as a whole. The Russian leader is scheduled to meet with Trump in Alaska on Friday for talks concerning the three-year conflict. Watch the video in full above.
