Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), will be speaking at DC Fintech Week in Washington, D.C.

The CFPB has recently implemented a rule that requires financial services firms to transfer an individual's personal financial data to another provider at no cost upon customer request. This rule covers data related to various financial products such as bank accounts, credit cards, payment apps, and mobile wallets.

Chopra believes that this rule will give consumers more control over their financial data, making it easier for them to open accounts, switch providers, and transfer financial histories. The goal of the CFPB is to promote competition and enable consumers to compare rates on deposits and credit more efficiently.

However, the regulation has received mixed reactions from industry stakeholders. The American Bankers Association has expressed concerns about data security, while the Financial Technology Association, which represents companies like Plaid and PayPal, sees the regulation as a way to encourage competition and innovation in the financial sector.