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.

The rule closes a loophole that exempted overdraft fees from lending laws, but is expected to face challenges.

The Consumer Financial Protection Bureau said it is limiting banks’ ability to charge overdraft fees, potentially saving households hundreds of dollars.