CFPB Report on Diversity and Inclusion within Financial Services
In FY 2020, the Consumer Financial Protection Bureau (CFPB) analyzed publicly available diversity and inclusion information of financial institutions by industry segments. The CFPB’s financial industry analysis was designed to support the diversity and inclusion self-assessment process established by the FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act) agencies to comply with Section 342 of the Dodd Frank Act. The analysis examines data to determine how financial institutions are demonstrating a commitment to diversity and inclusion through public channels. OMWI analyzed the financial services’ industry commitment to diversity and inclusion by assessing publicly available information of entities regulated by the CFPB.
Given the diversity of the industry, this data will also allow the CFPB to set reasonable standards for the kinds of diversity and inclusion programming that can be expected of large, mid-size, and small institutions. The CFPB will use the data collected to provide examples of diversity and inclusion best practices, resources, and peer success stories to financial institutions and work with trade groups to encourage their members to adopt diversity and inclusion best practices. This report is the first step in the process.