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.

U.S. Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testifies before a Senate Banking, Housing and Urban Affairs Committee hearing on "the Consumer Financial Protection Bureau's Semi-Annual Report to Congress" on the Hill in Washington, U.S., June 13, 2023. REUTERS/Leah Millis/ File Photo

The rules announced on Tuesday by the Consumer Financial Protection Bureau bring the US more in line with the UK and Europe, which had previously codified rules around how financial data is to be shared.