Banks, credit card companies and other financial mainstays will be required to comply with new data privacy and retail account portability regulations under a sweeping rule issued Tuesday by the Consumer Financial Protection Bureau (CFPB).

The Personal Financial Data Rights rule is designed to modernize the U.S. consumer financial system and increase competition, by expanding banking and payment options for the public while adding better data privacy protections, the CFPB said.

Adrianne Appel writes regulatory news, policy, and trends for Compliance Week. She previously reported about policy developments for Bloomberg Law and Bloomberg Government. Email: adrianne.appel@complianceweek.com LinkedIn:...