Big Banks’ Clampdown on Data Puts Silicon Valley Apps on Alert

Long-simmering tensions between the financial industry and Silicon Valley startups are erupting behind-the-scenes into a battle over the reams of valuable data held inside Americans’ bank accounts. In recent months, major banks including JPMorgan Chase & Co. and Capital One Financial Corp. have led the industry into a fresh campaign to control how outsiders tap into sensitive customer information. The lenders say their highest priority is protecting consumers.

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