You might soon be able to switch in and out of new banks and other financial institutions

the way you switch in and out of hair salons or barbers.

I'm David Brancaccio in New York.

The way you bank or borrow could fundamentally change in the

next few years the Consumer Financial Protection Bureau issued new rules this morning to give consumers

more control over their financial data and spur competition and financial services.

Marketplace's Nova Safo reports.

The new so-called open banking rules make it easier for customers to move their financial data from one service provider

to another, whether that's a checking account, a payment app, mobile wallet, or credit card.

At a public forum earlier this year,

CFPB Director Row at Chopra compared open banking

to the way mobile services changed once consumers could take their phone

numbers with them when switching carriers.

There will just be more competitive intensity and people will just be seeing better rates

on their deposits and their loans because bigger players are going to have to look behind their shoulders.

The CFPB says making financial data more easily available between institutions

may also help those with limited credit histories get loans.

And there are new privacy standards as well such as data

deletion by default in certain cases.

I think it's a good move. Anat Admati is a professor of finance and economics at

Stanford and advised the Federal Deposit Insurance Corporation in

implementing reforms following the financial crisis of 2008.

...