"The Consumer Financial Protection Bureau released a final overdraft rule that caps overdraft fees at $5 for the largest banks. The sweeping rule immediately drew a legal challenge from bank trade groups.

The CFPB said in a final rule issued Thursday, that it will reclassify overdraft fees as loans subject to interest rate disclosures under the Truth in Lending Act. The rule would apply only to the largest banks and credit unions with more than $10 billion in assets, impacting roughly 175 financial institutions.

The Consumer Bankers Association said late Thursday that it is jointly pursuing legal action against the CFPB with the American Bankers Association, America's Credit Unions, Mississippi Bankers Association and three banks directly affected by the rule."