Become a Member
Find a Member
California MBA California MBA
  • About
    • About Us
    • Who We Are
    • COVID-19
    • CAMPAC
    • Contact Us
  • Events
  • Membership
    • About Membership
    • Advocacy
    • Education
      • California Mortgage Finance News
      • Connect Podcast
      • Future Leaders Program
    • Committees
      • Conference Committees
      • Diversity & Inclusion Committee
      • Legal Issues Committee
      • Legislative Committee
      • Membership Committee
      • MQAC Committee
      • MTAM Committee
  • Blog
  • Career
  • My Account
Find a Member
Become a Member
California MBA

Ballard Spahr

15Jan

CFPB issues statement on providing financial products and services to LEP consumers

January 15, 2021 Ballard Spahr Residential

In a development welcomed by industry members, the CFPB published today a “Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency.”  The Statement is intended to provide “compliance principles and guidelines to inform and assist financial institutions in their decision making related to serving LEP consumers.”

The Statement is divided into two sections.  One section contains “guiding principles for serving LEP consumers.”  These principles consist of the following:

  • The Bureau encourages financial institutions to better serve LEP consumers while ensuring compliance with relevant federal, state, and other legal requirements.
  • Financial institutions that wish to implement pilot programs or other phased approaches for offering LEP-consumer-focused products can consider doing so consistent with the Statement’s guidelines.
  • Financial institutions can consider developing a variety of compliance approaches related to providing products and services to LEP consumers consistent with the Statement’s guidelines.
  • Financial institutions can mitigate certain compliance risks by providing LEP consumers with “clear and timely” disclosures in non-English languages describing the “extent and limits” of any language services provided throughout the product lifecycle.
  • Financial institutions may wish to consider extending credit pursuant to a legally compliant special purpose credit program to increase credit access for certain underserved LEP consumers.
Read more
Read more

2021 President’s Council

Insellerate_190x100
AmericanPacific_190x100
AmeriHome Mortgage – Web PNG
ArchiMI__190x100
GuildMortgage__190x100
QuickenLoans__190x100
PlazaHome__190x100
Loandepot__190x100
newamerican__190x100
parkside lending
WA_NewLogo@2x
FundingShield crop

View All Sponsors

CMBA_white_300x75@2x
(916) 446-7100
info@cmba.com

Office Hours

Mon-Fri

9:00 A.M. – 5:00 P.M.

Sat-Sun

Closed

Corporate Office

520 Capitol Mall

Suite 440

Sacramento, CA 95814

© 2021 California Mortgage Bankers Association

Privacy Policy | Terms Of Use | CAMPAC Donation