Federal regulators recently proposed a new rule that would help end the restrictions and fees that banks use to prevent their customers from shopping around for better deposit interest rates and moving their money to other financial institutions. But the regulation will likely face major pushback from banking interests that have already spent millions this year working to straitjacket and even eliminate the consumer protection agency responsible for the proposal.

The new rule, announced last month by the Consumer Financial Protection Bureau (CFPB), would essentially force banks and financial institutions such as credit unions and credit card companies to give their customers control of their banking data at no cost. The requirement would allow consumers to better determine where they can get the best rates on deposit accounts, loans, mortgages, and other services, as well as make it easier for them to switch banks.

“One of the things we’ve seen in banking for a while now is innovation on how to trap a consumer, rather than innovation on having better services, or giving more attractive rates,” said CFPB director Rohit Chopra in an interview with us and the American Prospect. “What we actually wanted to do is disrupt that dynamic and actually have the market work in a meaningful, competitive way.”