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Financial Services Law Insights and Observations

CFPB releases Spanish translations of certain disclosures

Federal Issues CFPB Consumer Finance Limited English Proficiency Disclosures

Federal Issues

On May 11, the CFPB announced that it made available Spanish translations of certain disclosures to help financial institutions better support Spanish-speaking communities. According to the Bureau, financial service providers recognize the need for additional services and customer-facing materials in multiple languages. The Bureau also noted that it has encouraged financial institutions to provide fair and transparent access to products and services to those who prefer using a language other than English. Translations of the disclosures released by the Bureau include: (i) prepaid card model forms; (ii) adverse action sample notices; (iii) home mortgage origination documents, including the loan estimate and closing disclosure; (iv) early intervention clauses for mortgage servicers; (v) credit reporting notices; and (vi) debt collection model validation notices.