Diversity and inclusion at the Bureau
We value diversity and inclusion, and we drive innovation by leveraging the talents and perspectives of CFPB's diverse workforce and stakeholders to best protect the financial interests of all consumers.
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.
An ongoing commitment
Our five-year diversity and inclusion strategic plan outlines our goals and priorities, and the specific actions undertaken to implement them.
Office of Minority and Women Inclusion Mission: To develop and foster a diverse and inclusive work environment informed by best practices in diversity and inclusion in which employees have equal access to opportunities and are valued for their expertise and authentic perspectives. To provide strategic advice on innovative diversity and inclusion practices in all Bureau mission-focused activities and to the financial industry for the benefit of the American consumer.
We ensure a diverse and inclusive workforce and workplace culture
We work to ensure that the Bureau's workforce reflects the diversity in America which helps us to develop solutions that are relevant for all consumers. We focus on creating an inclusive workplace 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, which allows them to do their best work for consumers.
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 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 small, women-owned, and minority-owned businesses to work with the Bureau. We continuously improve our engagement with minority-owned and women-owned businesses by offering information 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 who work with the Bureau to certify that they've made good faith efforts to ensure the equitable 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:
- identities (for example, race, ethnicity, age, sexual orientation, gender, religion)
- 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 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 consumer behaviors helps 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 of the agency relating to diversity in management, employment, and business activities. The OMWI Director is required to develop standards for:
- Equal employment opportunity and the racial, ethnic, and gender diversity of our own workforce and senior management;
- Increased participation of minority-owned 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-owned and women-owned businesses in all of the Bureau's business and activities at all levels, including in procurement, insurance, and 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.
4. Code of Federal Regulations (CFR) Title 29 Part 1614 requires that we provide a neutral forum for the discussion, investigation, adjudication, and resolution of Equal Employment Opportunity matters. There are other executive orders on the matter.
5. Title VII of the Civil Rights Act of 1964, the Equal Pay Act, the Age Discrimination in Employment Act, and the Genetic Information Non-Discrimination Act require that the Bureau follow all civil rights laws.