Today the Bureau’s Office of Minority Women and Inclusion (OMWI) released the CFPB Report on Diversity and Inclusion within Financial Services. As part of the mandate of Section 342 of the Dodd-Frank Act, the Bureau’s Office of Minority and Women Inclusion (OMWI) is charged with developing standards for assessing diversity and inclusion at the financial entities the Bureau regulates. To further that effort, CFPB engaged in analysis of public data to gain a better understanding of diversity and inclusion within the financial services sector and compiled a report to share its findings. The Report can help industry understand more about diversity and inclusion initiatives that their peers are undertaking and the various options available to entities of different sizes.
Dr. Martin Luther King Jr. had a dream of racial and economic equality. In his 1964 Nobel peace prize address he stated “There is nothing new about poverty. What is new, however, is that we have the resources to get rid of it.” The CFPB’s latest report on diversity and inclusion within financial services highlights the activities that financial institutions have engaged in to advance diversity, equity, and inclusion. Building a diverse team that reflects all consumers ensures that an organization has an understanding of the needs of the entire community. We encourage you to review the report and its data to gain an understanding of the public facing and reported internal diversity, equity and inclusion programming at financial institutions. Based on the research and analysis, the Bureau has outlined recommendations for large, midsize and small institutions.