As expected, the Consumer Financial Protection Bureau didn't implement any changes credit unions were seeking to itsfinal remittance rule, but the regulator did give remittanceproviders six months to comply, announcing an Oct. 28, 2013effective date.

In the final rule issued Tuesday, remittance transfer providerswill be required to disclose certain fees and taxes, as well as theexchange rate that will apply to the transfer.

The rule also provides consumers with error resolution andcancellation rights.

“We are dedicated to protecting consumers who send money abroadand to preserving their access to these services,” said CFPBDirector Richard Cordray. “Today's final rule achieves these goalsby maintaining the rule's crucial new consumer protections whilefacilitating compliance for providers of remittance transfers.”

In August, the CFPB amended its previously released final ruleto address disclosure requirements and the cost of sender errorsafter receiving feedback from remittance providers.

In its release Tuesday, the CFPB said the revisions will“preserve market competition and consumers' access to remittancetransfer services and to facilitate implementation of andcompliance with the rule's requirements, while maintaining therule's valuable new consumer protections and ensuring that thoseprotections can be effectively delivered to consumers.”

The CFPB did not reconsider expanding the rule's exemption tomore than 100 transactions per year, although it did increase theexemption beyond the 25 transactions per yet originallyproposed.

In a February webinar hosted by the NCUA, Cordray said the agency determined100 transactions per yet to be a “normal course of business,” aterm mandated by Congress in the Dodd-Frank Act.

To increase that threshold because credit unions don't like therule, not because they do less business than a “normal course ofbusiness,” would violate the Dodd-Frank mandate, hesaid.

The final rule can be found on the CFPB's website.