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.

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 ban on screen scraping and new disclosures to consumers about data usage are among the new elements of the data protection rule.

No sooner had the Consumer Financial Protection Bureau released its personal financial data rights rule Tuesday than the rule was legally challenged by the banking industry. The lawsuit, filed late Tuesday by the Bank Policy Institute and the Kentucky Bankers Association,

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.

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.