PNC Financial Services Group Inc. is considering charging financial-technology companies for access to valuable customer data, following the lead of JPMorgan Chase & Co., Chief Executive Officer Bill Demchak said.

The bank is in “discussions” to determine what actions to take, Demchak said Wednesday during a second-quarter earnings call with analysts.

JPMorgan has sent pricing sheets to data aggregators outlining proposed charges that could amount to hundreds of millions of dollars, sources familiar with the matter said earlier this month.

“I applaud” what JPMorgan did, Demchak said. “There’s a big cost to keeping this data secure and producing it in a form that’s readable for our clients. So we’re thinking about it.”

Read More: JPMorgan Tells Fintechs to Pay Up for Customer Data Access

The charges could upend business models and potentially affect fintechs that rely on access to bank account information, like peer-to-peer payment platforms or cryptocurrency wallets.

The issue of data-sharing isn’t new for Pittsburgh-based PNC, which sued data aggregator Plaid Inc. in 2020 over how that company accessed the bank’s customer data. The two parties settled the matter last year.

Read More: Banks, Fintechs Face Round Two of Fight Over Data Sharing

The fees banks would like to levy only serve the purpose of exerting control, said Penny Lee, president and chief executive officer of the Financial Technology Association, a group that represents fintechs in Washington.

“American consumers, not banks, own their financial data, and big banks are taking advantage of this moment of regulatory uncertainty to crush competition and undermine innovation,” Lee said in a written statement.

–By Yizhu Wang and Paige Smith (Bloomberg)