Consumer Financial Protection Bureau Director Rohit Chopra said regulators urgently need to implement the Basel III endgame bank capital proposal, suggesting his opposition to the revised rule centers on the process of re-proposal rather than more substantive opposition to suggested revisions.

Swipe fees, on cards are paid by merchants and are typically 2% to 4% of the transaction. In comparison, fees for pay-by-bank transactions are substantially lower. “Pay-by-bank is free from fees unless banks decide to charge for app use, or an app charges a fee, either on a subscription or on a per-transaction basis,” Martz says.

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.

Banks plan to appeal a Texas federal judge’s decision that allowed the Consumer Financial Protection Bureau’s small business demographic data rule to take effect.

Banks, credit card companies and other financial mainstays will be required to comply with new data privacy and retail account portability regulations under a sweeping rule issued Tuesday by the Consumer Financial Protection Bureau (CFPB).

But that could all change, after the Consumer Financial Protection Bureau announced Tuesday that it finalized what supporters are calling an “open banking” rule, intended to make people’s financial histories portable so they can switch banks more easily.