Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency
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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