According to the CFPB, as the rules take effect, consumers will be able to transfer their data between banks free of charge and without obstacles.

The top U.S. consumer finance watchdog on Tuesday unveiled long-awaited rules that would make it easier for consumers to switch between financial services providers, a move the agency said was aimed at boosting competition.

A U.S. consumer finance watchdog finalized rules that will allow customers to transfer their bank data to another bank without having to pay fees or clear other hurdles designed to make such a switch difficult.

The Consumer Financial Protection Bureau (CFPB) finalized a rule today that's expected to expand consumers rights, privacy, and security over their personal financial data.

A pair of U.S. banking trade groups filed a lawsuit on Tuesday challenging new rules issued by the Consumer Financial Protection Bureau that would make it easier for consumers to switch between financial services providers.

The rules announced on Tuesday by the Consumer Financial Protection Bureau bring the US more in line with the UK and Europe, which had previously codified rules around how financial data is to be shared.

US banks will now have to give customers access to their financial data after the top consumer watchdog finalized a long-awaited rule aimed at fueling more competition for financial products.