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.

Liability over data security emerges as a top concern as the Bank Policy Institute and a Kentucky trade group and bank sue the bureau, arguing overreach.

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.