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.

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.

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.

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 Consumer Financial Protection Bureau (CFPB) finalized a rule today that's expected to expand consumers rights, privacy, and security over their personal financial data.

US banks will now have to give customers access to their financial data after the top consumer watchdog finalized a long-awaited rule aimed at fueling more competition for financial products and services.

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.