The CFPB recently announced that it has launched official Spanish-language Twitter and Facebook accounts. The CFPB previously launched a Spanish-language website and recently updated the translations on the “Ask CFPB” feature on its website.
In its blog post about the Twitter and Facebook launch, the CFPB notes that it is “working to ensure that consumers can build the skills and get the information they need to make informed financial decisions for themselves and their families. We know that many consumers speak Spanish at home—more than 70 percent of Hispanics according to the 2013 Census, and that number is growing. To better serve these consumers, we are working to provide more Spanish-language resources, both online and in print.”
The CFPB has previously indicated that limited English proficiency (LEP) borrowers are a priority and suggested that financial institutions should be able to take steps similar to those taken by the CFPB to support LEP customers. However, as we have observed, the CFPB’s expectations for serving LEP customers present numerous challenges for financial institutions, including UDAAP and fair lending risks, and the CFPB has not yet provided financial institutions with guidance about how to serve LEP consumers without taking such risks. In November 2015, we conducted a webinar on the issues that institutions should consider when taking steps to serve LEP consumers.