CFPB Director Rohit Chopra delivers a speech at DC Fintech Week.

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

On Tuesday, the bureau finalized its rule on personal financial data rights, which mandates financial services firms to provide customers with free transfer of their personal financial data upon request to another provider.

The bureau announced that it would enable customers to effortlessly compare rates for advantageous deposit or credit options across a variety of products, including bank accounts, credit cards, payment apps, and mobile wallets.

"Allowing consumers to grant permission to access their personal financial data can make it easier for them to sign up, switch accounts, and transfer their financial history," Chopra stated on Tuesday in a speech at the Federal Reserve Bank of Philadelphia.

The CFPB's new rule received mixed reviews from trade groups, with the American Bankers Association expressing concerns about data security and the Financial Technology Association stating that the regulation would increase competition, improve consumer choices, and drive innovation.