The Consumer Financial Protection Bureau announced the final version of a rule limiting banks' ability to charge overdraft fees. It says the rule will save American consumers $5 billion annually. The CFPB said its overdraft rule will take effect Oct.

Large US banks will have to cap overdraft fees at $5 — or an amount that covers their costs and losses — under a new consumer protection rule that’s been vigorously opposed by industry and Republicans.

Banks and credit unions with $10 billion or more in assets could alternately choose a break-even overdraft protection cost or make credit card-like disclosures to consumers, the CFPB said.

Consumers will save up to $5 billion in bank and credit union overdraft fees each year in a reform finalized Thursday by the U.S. Consumer Financial Protection Bureau.

CFPB’s new rule ends overdraft profits. Big banks must cap fees at $5, use cost-basis or fully disclose terms, saving US Americans billions each year.

Consumers may not have to shell out for hefty overdraft penalties after the Consumer Financial Protection Bureau finalized a new rule that aims to significantly curtail banks’ ability to charge customers these fees.

The Consumer Financial Protection Bureau is closing a loophole that it says allowed big banks to profit heavily from overdraft fees. A new rule targets ban

A new rule from the Consumer Financial Protection Bureau would cap many overdraft fees at just $5. It might not last.

US bank stocks are in focus this morning after the Consumer Financial Protection Bureau announced a new rule that significantly limited their ability to charge an excessive overdraft fee. The regulator expects its new rule to save American consumers up to $5 billion per year.