Diversity and inclusion at the Bureau
We value diversity and inclusion, and we drive innovation by leveraging the talents of our workforce and engaging with stakeholders to foster free, innovative, competitive, and transparent consumer finance markets where the rights of all parties are protected by the rule of law.
We promote diversity and inclusion within our own workplace, seek diverse businesses with whom we can contract, and assess policies and practices within the institutions we regulate and contractors with whom we partner in order to strengthen diversity.
An ongoing commitment
Our five-year diversity and inclusion strategic plan outlines our goals and priorities, and the specific actions we're taking to support them.
We're ensuring a diverse and inclusive workplace culture
We can best serve the public by making sure our own workforce reflects the diversity of consumers in America. We strive to ensure that all employees are treated equitably and work in an inclusive environment where their experiences are valued and their perspectives can be shared and considered.
We monitor progress and share best practices with regulated entities
A diverse and inclusive workforce helps financial service providers to connect with an increasingly diverse customer base. We assess the voluntarily-reported diversity and inclusion policies and practices of entities we regulate in order to develop and share strategic advice, best practices, and trends.
We reach out to minority-owned and women-owned businesses
We're dedicated to increasing opportunities for diverse businesses to work with us. We aim to continuously improve our engagement with minority-owned and women-owned businesses by offering support and technical assistance, and by ensuring that our contracting processes are transparent, fair, and equitable.
We evaluate diversity in our contractor workforces
We require all contractors we work with to certify that they've made a good faith effort to ensure the fair inclusion of women and minorities in their workforce.
What we mean by “diversity and inclusion”
Diversity encompasses the range of differences that employees and stakeholders bring, including:
- backgrounds (for example, parental status, marital status,
uniformed status, political affiliation, socio-economic, geographic, genetic
(for example, race, ethnicity, age, sexual orientation, gender, religion)
- working styles
Diversity and inclusion practices improve the level of service we can provide
While the 2008 financial crisis devastated communities across the nation, it disproportionately harmed minority communities and women. As financial regulators work to craft rules that promote economic recovery and protect consumers, outcomes that ensure that minorities and women fairly benefit from the recovery must continue to be a priority, both now and over the long term.
A diverse and inclusive workforce attuned to a variety of communities will help us better understand how policies, products, and regulations may uniquely affect consumers from various backgrounds.
Directives for our work
Our focus on diversity and inclusion comes from various directives:1. Section 342 of the Dodd-Frank Act created an Office of Minority and Women Inclusion (OMWI) in each of the financial regulatory agencies, including the Bureau. OMWI is responsible for all matters relating to diversity in management, employment, and business activities. OMWI is also required to set standards for:
- Equal employment opportunity and the racial, ethnic, and gender diversity of our own workforce and senior management
- Increased participation of minority- and women-owned businesses in our programs and contracts, including standards for coordinating technical assistance to such businesses
- Assessing the diversity policies and practices of entities we regulate
- Ensuring, to the maximum extent possible, the fair inclusion and utilization of minorities, women, and minority- and women-owned businesses in all of our business and activities at all levels, including procurement, insurance, and in all types of contracts
2. Executive Order 13583 (2011) established a coordinated government-wide initiative to promote diversity and inclusion in the federal workforce.
3. Regulations implementing Section 501 of the Rehabilitation Act of 1973 requires agencies to facilitate full inclusion of people with disabilities.