New Government Consumer Finance Site for Spanish Speakers

The US government launches a new Spanish language personal finance site

It’s no secret that there is a growing demand for Spanish language resources. According to United States Census data, there are 37 million people in the United States who speak mostly Spanish at home.

Statistics show that nearly half of these do not understand English well enough when it comes to more complicated matters like law and finance.

In order to better serve these people, the Consumer Financial Protection Bureau has launched a Spanish language website targeting Spanish-Speaking Consumers.

Consumer Financial Protection Bureau Targets Spanish-Speaking Consumers
There are other reasons why the government launched a Spanish Language Consumer site besides the growing population of Spanish-speaking people. Some of the main reasons are as follows:

  • Latinos have been hard hit by the American financial crisis
  • The Spanish-speaking community is often a target of scams
  • Latinos statistically don’t use regular banks frequently
  • The use of payday loans and money transfers is higher among the Spanish-speaking population.

Details About the Spanish-Language Consumer Finance Site
When the government launched a Spanish Language Consumer Finance Site, it decided to give the site an easy-to-remember name; it’s simply called CFPB en Español.

Research was undertaken to learn the online habits of the majority of American Latinos and Latinas as well as other Spanish-speaking individuals.

It was discovered that approximately two-thirds of the Spanish-speaking population tend to go online using a mobile device. For this reason, CFPB en Español has been optimized for mobile use. Visitors to the site can also submit consumer complaints.

There are even answers to 250 plus common questions dealing with topics such as:

  • Owning a home
  • Paying for college
  • Sending money to another country
  • Additional Spanish Language Resources

There is a trend towards providing additional Spanish language financial resources to this growing segment of the American population. One of the better known resources, FICO – the credit score that most lenders including banks use to gauge the lending risk of a consumer – is leading the pack in this regard.

You can visit the site here.

Philip

5 Comments

  1. This is great news! I’m a big believer in having a multicultural society. Making it easier for immigrants to absorb in our country on a financial level can only help our economy.

  2. Great news to hear.. I agree, this could only make things better for both Spanish speakers within our country as well as our economy.

  3. I am all for a multicultural America, but I think that things have been skewed too far in the direction of one particular culture… Up here in the North, we have a large population of French speakers (from many nations, not just Canada), and aside from road signs, their language preference is largely ignored these days since. All the utility service numbers, doctors offices, hospitals, etc. have Spanish speaking options readily available, but for French people, our only option is basically to learn English. Unsurprisingly, most of us do! So, two questions… why can’t Spanish speakers do the same, and why will America not cater to the large French speaking population in the same way? I would like to see a multicultural America, not just a bicultural one.

  4. I think this is an amazing thing 🙂 I love the times we live in now (well, except for the recession), there are people migrating all over the world, we live in a multicultural society already and it’s time we lend a hand to those who need it 🙂

    • I think it’s a good thing to offer this kind of assistance to recent immigrants who have not fully mastered their English yet. Financial advice can be hard enough to understand in your native language, it must be so much more difficult when it is your second language. I just hope they didn’t just run the English language site through Google Translate to save money : )

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