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.

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.

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.

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.