Banking Law News

CFPB Gives Fair Lending Guidance for Non-English Disclosures

Jan. 13, 2021, 11:03 PM

Banks and other consumer finance companies can avoid fair lending and other enforcement actions if they explain the limits of their document offerings and services in some non-English languages, the CFPB said.

The financial services industry has long asked for guidance on how to appropriately serve limited-English proficiency customers without running afoul of the Equal Credit Opportunity Act and the CFPB’s unfair, deceptive or abusive acts or practices standard.

There are more than 350 languages spoken in the U.S., and “it would be unrealistic and cost-prohibitive for any financial institution to fulfill all the credit needs of all customers in...

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