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ABA: The American Bankers Association
Compliance News

ABA Issues Staff Analysis of CFPB Statement on LEP Borrowers

ABA has issued a members-only staff analysis of the Consumer Financial Protection Bureau’s recent statement encouraging financial institutions to expand access to financial products and services for consumers with limited English proficiency. The statement provides guidance on how banks can provide access to credit in languages other than English “in a manner that is beneficial to consumers, while taking steps to ensure financial institutions’ actions are compliant with [the Equal Credit Opportunity Act], prohibitions about [unfair or deceptive acts and practices] and other applicable laws.” It also outlines several guiding principles for serving LEP consumers.