The Consumer Financial Protection Bureau (CFPB) is ordering GE Capital Retail Bank (GE Capital), known as Synchrony Bank, to “cough up” $225 million to consumers who were victims of illegal and discriminatory credit card practices. GE Capital must refund $56 million to approximately 638,000 customers who were subject to these deceptive marketing practices.
In light of these developments many banks and financial institutions are taking steps to protect themselves against increasing regulations initiated by the CFPB for not providing services and disclosures in the target language of their customers. One way would be to translate such items in the specific, native language of its customers. This could likely become a trend and a best practices standard for the banking and financial markets. Outside of the risk of potential fines for unintentionally misleading customers, taking this action will better ensure a more positive customer experience for consumers who speak any language.