Battling the Language Barrier
How financial institutions deal with consumers who have Limited English Proficiency, or LEP, is receiving growing attention from regulatory agencies, in particular the CFPB. Usually, when people with LEP attempt to take care of their banking affairs, they do not have the advantage of using a reliable word-for-word translator. Making matters worse, dealing with financial institutions can be complicated enough even for those whose native language is English. But throw in a language barrier on top of that, and you have what some regulatory agencies, such as the CFPB, see as the potential for fair lending issues or for unfair, deceptive or abusive acts and practices, UDAAP. [3/22/16]
