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In May 2022, the CFPB issued a release reminding “financial institutions need to make sure translations they use are accurate, and, when it comes to translations, they should prioritize communications and activities that most significantly affect consumers. We also provided key considerations and guidelines that companies can use when serving customers in languages other than English.” The release adds that
to help financial institutions better support Spanish-speaking communities, we have made available Spanish translations of the following disclosures:
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- Prepaid card model forms, delivering information to consumers about fees and provisions of reloadable and payroll cards
- Adverse action sample notices, providing reasons credit was denied or offered on different terms, and notice of incomplete applications and the applicant’s right to obtain information
- Home mortgage origination documents, including the Loan Estimate and Closing Disclosure, plus explanatory booklets Your Home Loan Toolkit, the Consumer Handbook on Adjustable-Rate Mortgages, and the Home Equity Line of Credit booklet
- Early intervention clauses for mortgage servicers , informing delinquent mortgage borrowers about their options
- Credit reporting notices, explaining a firm offer of credit and outlining a consumer’s rights under the Fair Credit Reporting Act and their rights in the event of identity theft
- Debt collection model validation notice, helping consumers identify and verify debts being collected