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Watch CFPB Director Rohit Chopra speak at DC Fintech Week

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Rohit Chopra, director of the Consumer Financial Protection Bureau, will speak Wednesday at DC Fintech Week in Washington, D.C.

The bureau finalized its personal financial data rights rule on Tuesday, a measure that would require financial services firms to unlock an individual’s personal financial data and then transfer it for free to another provider at the request of the customer.

The rule would apply to data associated with a range of products, spanning from bank accounts and credit cards to payment apps and mobile wallets. The bureau said it would also allow customers to comparison shop more easily for favorable rates on deposits or credit.

“By allowing consumers to permission their personal financial data, and make it over time more seamless, people can more easily sign up, switch accounts, and take their financial history with them,” Chopra said Tuesday in prepared remarks at the Federal Reserve Bank of Philadelphia.

The CFPB’s new rule garnered mixed reviews from trade groups. The American Bankers Association raised concerns around data security, while the Financial Technology Association – whose members include Plaid and PayPal – said the regulation “will increase competition, improve consumers’ choices, and drive momentum for future innovations that benefit customers.”

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Stocks making the biggest moves midday: AAL, AVGO, JPM

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Biggest banks planning to sue the Federal Reserve over annual stress tests

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A general view of the Federal Reserve Building in Washington, United States.

Samuel Corum | Anadolu Agency | Getty Images

The biggest banks are planning to sue the Federal Reserve over the annual bank stress tests, according to a person familiar with the matter. A lawsuit is expected this week and could come as soon as Tuesday morning, the person said.

The Fed’s stress test is an annual ritual that forces banks to maintain adequate cushions for bad loans and dictates the size of share repurchases and dividends.

After the market close on Monday, the Federal Reserve announced in a statement that it is looking to make changes to the bank stress tests and will be seeking public comment on what it calls “significant changes to improve the transparency of its bank stress tests and to reduce the volatility of resulting capital buffer requirements.”

The Fed said it made the determination to change the tests because of “the evolving legal landscape,” pointing to changes in administrative laws in recent years. It didn’t outline any specific changes to the framework of the annual stress tests.

While the big banks will likely view the changes as a win, it may be too little too late.

Also, the changes may not go far enough to satisfy the banks’ concerns about onerous capital requirements. “These proposed changes are not designed to materially affect overall capital requirements, according to the Fed.

The CEO of BPI (Bank Policy Institute), Greg Baer, which represents big banks like JPMorgan, Citigroup and Goldman Sachs, welcomed the Fed announcement, saying in a statement “The Board’s announcement today is a first step towards transparency and accountability.”

However, Baer also hinted at further action: “We are reviewing it closely and considering additional options to ensure timely reforms that are both good law and good policy.”

Groups like the BPI and the American Bankers Association have raised concerns about the stress test process in the past, claiming that it is opaque, and has resulted in higher capital rules that hurt bank lending and economic growth.

In July, the groups accused the Fed of being in violation of the Administrative Procedure Act, because it didn’t seek public comment on its stress scenarios and kept supervisory models secret.

CNBC’s Hugh Son contributed to this report.

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Stocks making the biggest moves midday: Nordstrom, Honda, MicroStrategy, Broadcom and more

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These are the stocks posting the largest moves in midday trading.

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