Language barriers exist across every facet of life in the United States, but they are particularly pervasive in consumer finance. From the moment someone requests their credit report, seeks to open a bank account, or applies for credit, to when distressed accounts go into collections, consumers with limited English proficiency are rarely accommodated in their preferred language. At every turn, consumers with limited English proficiency are at a heightened, near constant risk of serious misunderstanding as they conduct their financial affairs.
This report covers the ways that financial institutions across the financial services industry serve, or fail to serve, people with limited English proficiency. The recommendations in this report focus on three high-impact areas: consumer reporting and tenant screening, debt collection, and loan servicing. The general recommendations include:
- Uniform requirements;
- Bilingual Spanish-English access;
- Tagline disclosures giving notice of other available languages; and
- Widely available oral interpretation.
Whenever possible, all four of these principles should be incorporated in consumer protection law to ensure that LEP consumers have a fair chance in navigating our financial system and exercising their rights.
See all resources related to: Consumer Protection Regulation, Credit Reporting & Data Fairness, Equity & Racial Justice, Homeownership & Foreclosure