The Bureau of Consumer Financial Protection (the “BCFP”) has published a revised 2018 Glossary of English-Spanish Financial Terms (the “Glossary”). Originally published in 2015, the Glossary is intended to provide “a uniform translation of common financial terms to assist consumers with limited English proficiency (“LEP”).” Using terms compiled from other entities, including the Federal Housing Finance Agency, Department of Housing and Urban Development, Internal Revenue Service, Department of Justice, Federal Deposit Insurance Corporation, Federal Trade Commission, Social Security Administration, Freddie Mac, Fannie Mae, General Services Administration, and National Association of Hispanic Real Estate Professionals, the updated Glossary now contains over 1,500 consumer financial terms translated from English to Spanish.

The expanded Glossary thus continues to be a useful tool for financial institutions conducting Spanish-language translations, but such entities should exercise caution in overreliance on the Glossary, since the definitions may not fit all situations encountered by a creditor, and the BCFP has noted that the Glossary does not constitute “guidance.” (We have previously described the pitfalls of translating U.S. consumer protection concepts to foreign languages without expertise because the concepts may be unfamiliar to, vary by the geographic location of, or otherwise lack meaning to the applicable LEP consumer.) We nevertheless welcome all additional clarity and guidance of this manner that the BCFP might provide to financial institutions seeking to serve LEP consumers.