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CFPB requests information on language access in consumer finance

January 17, 2025

On January 15, the CFPB published a blog post after engaging with industry associations, financial service providers, and stakeholders to understand how financial institutions are serving consumers with limited English proficiency. According to the Bureau, the scale and scope of language services vary, but many institutions are developing approaches to communicate with consumers in their preferred languages. Some institutions have launched these services in phases, expanding capacity over time, and have found bilingual personnel crucial for effective engagement. However, the CFPB also noted that some entities have allegedly exploited language barriers to market high-cost or “set-up-to-fail” products and stated that the CFPB has taken “a number of recent actions to address the exploitation[.]” The CFPB invites consumers and stakeholders to share their experiences with language barriers in consumer finance and offers a complaint submission process available in over 180 languages.