On August 7th, the Consumer Financial Protection Bureau updated its international money transfer rule to make the transfer process easier for institutions that handle 100 or fewer remittances a year. The final remittance rule, which will take effect February 7, 2013, implements the Dodd-Frank Act provisions that require remittance transfer providers to disclose fees upfront, as well as the exchange rate and the amount to be received by the recipient. The Bureau has concluded that those institutions that consistently conduct 100 or fewer remittance transfers per year do not provide transfers in the "normal course of business" and therefore are not subject to the new requirements. If a company that provided 100 or fewer remittance transfers in the previous year provides more than 100 remittance transfers in the current year, the rule provides a transition period to come into compliance. The final rule also adjusts certain rules regarding remittance transfers that consumers schedule several days in advance of the transfer. The changes are designed to address concerns that remittance transfer providers might stop offering transfers scheduled in advance due to concerns about compliance costs under the new requirements. CFPB Press Release.