Credit unions and other institutions that allow money transfersabroad have to be more transparent about fees and exchange rates,according to a new regulation from the Consumer FinancialProtection Bureau.

The financial institution must disclose fees, exchange rates andthe amount of money that the recipient will receive, under theprovisions of the regulation issued Friday by the CFPB.

The provision on disclosing how much the recipient will receivecontains two exceptions. One is if the laws or transaction methodsin the recipient's country make it impossible to determine theamount; the other is a temporary exception – expiring on July 21,2015 – for depository institutions that “cannot determine certaindisclosed amounts'' for reasons beyond their control.

The consumer will “generally'' have 30 minutes after making apayment to cancel the transaction, according to the rule.

The bureau said in a statement that it would seek input todetermine if it needs to make additional changes to the rule, whichhad been originally proposed by the Federal Reserve, including“setting a threshold that would minimize the impact of the rule oncommunity banks, credit unions and other companies that do notnormally process these transactions.''

The CFPB was given jurisdiction overt the regulation ofremittance transfers under the Dodd-Frank financial overhaul bill that Congress passed in 2010.