The Consumer Financial Protection Bureau (CFPB) on Tuesday unveiled rules intended to increase competition that would require financial institutions, credit card issuers and other financial providers to allow consumers to transfer their data to other institutions. CFPB said the finalized rules will fuel competition and consumer choice, lower prices on loans and improve customer service. “Too many Americans are stuck in financial products with lousy rates and service,” CFPB Director Rohit Chopra said in a statement. “Today’s action will give people more power to get better rates and service on bank accounts, credit cards, and more.” CFPB argues that the new rule will empower custo
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