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Approximately 22 percent of U.S. residents over the age of 5 speak a language other than English at home.
1 Of those persons, approximately 37.6 percent have limited English proficiency (LEP), meaning they have a limited ability to speak, read, write, or understand English.
LEP consumers have experienced substantial barriers in the consumer financial marketplace. Whether these barriers take the form of financial disclosures, written documents solely available in English, or the lack of bilingual employees or interpretation services at financial institutions, these consumers remain underserved.
Over the last several years, the Consumer Financial Protection Bureau (CFPB) has engaged with stakeholders on fair lending compliance and access to credit in order to gain insight, inform policy decisions, and promote changes that target and benefit this large segment of the U.S. population.