The CFPB is seeking formal comment on ways to prevent credit discrimination and facilitate increased access to credit for Limited English Proficient ("LEP") consumers. The CFPB extended the comment period for its Request for Information ("RFI") which is intended to inform "forthcoming guidance" concerning the fair access to credit provisions of the Equal Credit Opportunity Act and Regulation B. The CFPB explained that it encourages this feedback because LEP consumers face numerous obstacles to access to credit as a result of language barriers, including financial disclosures not being offered in an LEP consumer's preferred language.
Comments on the RFI must be submitted by December 1, 2020.
Commentary Rachel Rodman
This is an issue to watch in the incoming Biden administration, which is likely to make fair lending enforcement, guidance and rulemaking a priority at the CFPB.
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