The Consumer Financial Protection Bureau (Bureau or CFPB) on January 13 issued a
Currently, according to the CFPB, many LEP consumers are not fully integrated into the financial marketplace despite being a significant portion of the US population (approximately 25.5 million individuals). Due to language access issues, LEP consumers face unique challenges in learning about and accessing financial products, services, and education tools; understanding and completing key financial documents; managing bank accounts; and resolving issues with financial products and institutions. For example, financial disclosures and written documents are generally not available in non-English languages.
The first section of the Statement contains guiding principles for serving LEP consumers. These principles consist of the following: