WASHINGTON–Spanish-only speaking households are five times less likely to use a bank or credit union, according to a new report from the CFPB.
That’s significant, said the CFPB, noting that Hispanics make up 17% of the country’s total population, and that of the citizens in the U.S. that speak another language other than English at home, 62% are speaking Spanish.
“Consumers who do not have a checking or savings account may be paying higher fees or may be missing credit-building opportunities,” the CFPB said in a statement in conjunction with the release of the report. “Consumers who do not speak English well may also have trouble getting understandable information about financial products, comparing costs, and correcting errors.”
To help non-speaking citizens access financial services, the CFPB said its call centers are staffed with workers who speak more than 180 languages to help consumers with their questions and problems.
“Immigrants make up a large number of consumers in America, with over 41 million living in the United States. For the subset of immigrants who don’t speak English well, accessing and using financial products and services can be a challenge,” the CFPB said.