New rules set for money transfers

Consumers who send money abroad will soon be entitled to disclosures that spell out fees and exchange rates of their transfers.

The Consumer Financial Protection Bureau on Friday issued new rules governing the international money transfers provided by companies such as Western Union.

The rules also require companies to disclose the amount that will be paid out to the recipient. Customers will have at least 30 minutes after payment to cancel a transaction. The rules take effect after one year.

The CFPB was created as part of the nation's overhaul of financial regulations in 2010 to police financial products marketed to consumers. The agency was required by law to issue the rules on remittances by Jan. 21.

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