Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency
Updated 04/16/2021
This tool summarizes the CFPB’s Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency.
The CFPB’s goals with the Statement are to:
- promote access to financial products for all consumers;
- facilitate compliance by providing clear rules of the road; and
- educate and empower consumers to make better informed financial decisions.
The following are the key takeaways of the guidance:
- The CFPB provided five guiding principles for banks to use in accommodating Limited English Proficiency consumers.
- The CFPB provided its key considerations in accommodating Limited English Proficiency consumers consistent with its guiding principles.
- The CFPB also provided the generally applicable guidelines for a CMS to put this guidance into practice while mitigating regulatory risk.
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