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On Wednesday, Rohit Chopra, the head of the Consumer Financial Protection Bureau (CFPB), is set to address the audience at DC Fintech Week, held in the nation’s capital.

The bureau officially approved their financial data privacy rule on Tuesday. This regulation mandates financial service providers to release a consumer’s personal financial data and transfer it to a different provider free of charge, should the customer request it.

This rule covers data related to a broad spectrum of financial products, including bank accounts, credit cards, digital payment applications, and mobile wallets. According to the bureau, this will empower customers to easily compare and choose the most beneficial rates for deposits or credit.

“This rule will facilitate consumers to authorize their personal financial data, making it more streamlined over time. This will simplify the process for people to register, switch accounts, and carry their financial history with them,” Chopra mentioned in his statement at the Federal Reserve Bank of Philadelphia on Tuesday.

However, the new regulation from the CFPB has received mixed reactions from industry groups. The American Bankers Association expressed concerns about data security, whereas the Financial Technology Association, which counts Plaid and PayPal among its members, stated that the rule “will enhance competition, expand consumers’ options, and fuel future innovations that benefit customers.”