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.

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.