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.

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.

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.