The Consumer Financial Protection Bureau on Thursday 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.

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.

In a final rule to be released Thursday, the Consumer Financial Protection Bureau would allow banks to either charge $5 for overdraft fees or another amount commensurate with costs. Banks could also charge more if they disclose the fees' annual percentage rate of interest to customers.

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

It is unclear whether the rule, which could help save Americans billions in fees each year, will remain in place after President-elect Donald J. Trump returns to office.