Diversity and inclusion at the CFPB
The Office of Civil Rights supports and partners with the Office of Minority and Women Inclusion (OMWI) to enhance diversity and inclusion at the CFPB.
CFPB diversity and inclusion vision statement
We value diversity and inclusion and drive innovation by leveraging the talents of the CFPB’s diverse workforce and stakeholders to best protect the financial interests of all consumers.
OMWI: mission statement
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.
The business case for diversity and inclusion outlines the operating philosophy for leading and managing diversity and inclusion at the CFPB:
To accomplish its mission of making financial products and services work effectively for consumers in America, the Consumer Financial Protection Bureau (CFPB) must recruit, hire, train and develop an effective and capable workforce. We have developed a highly collaborative framework, one that benefits from considering diverse viewpoints to reach a comprehensive understanding of the issues we must address in the consumer financial marketplace. A diverse and inclusive workforce is essential to building an agency that can do its very best work.
A diverse and inclusive workforce can lead to greater creativity and problem solving as people consider different perspectives and ways of operating or thinking. This is grounded in a growing body of analysis and research. Inclusion efforts can also help attract and retain talent by increasing employee satisfaction and loyalty, building up synergy in teams, and enhancing communication among employees.
Diversity and inclusion contribute not only to CFPB’s internal functions but also to the level of service it can provide to the American public. The CFPB must understand the nuances of an increasingly diverse consumer financial marketplace if it is to accomplish its mission of ensuring financial products and services work for consumers. A diverse and inclusive workforce that is attuned to a variety of communities will help the CFPB better understand how policies, products, and regulations may uniquely affect consumers from various backgrounds.
The financial solutions we develop for consumers need to be fully relevant for all groups of consumers. While the 2008 financial crisis devastated communities across the nation, it disproportionately harmed minority communities and women. As financial regulators work to craft policies that promote economic recovery and protect consumers in America, 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.
The demographics of the available workforce are rapidly changing, and organizations must pursue efforts to capture the skills and talents of a more heterogeneous community. One way to invest in all our stakeholders is by addressing the changing demographic profile of the workforce through programs and initiatives that reflect our demonstrable commitment to diversity and inclusion at the Bureau. That commitment provides a strong model to entities that we regulate and provides examples on how to ensure accountability and investment in diversity and inclusion.
We use a comprehensive definition of diversity that encompasses the range of differences including backgrounds, identities (including but not limited to, race, ethnicity, age, sexual orientation, disability, gender, etc.), perspectives, and working styles that employees and stakeholders bring to the CFPB to better serve consumers. Our operational definition of inclusion as the process of fostering an environment where all employees feel valued and empowered to share their views and ideas to inform the CFPB’s work, allows us to leverage the broad talents of our diverse workforce.
Diversity and inclusion are organizationally important, as tools both to leverage the full range of talents in the workforce and to help each division successfully realize its strategic business objectives. The Bureau’s focus on diversity and inclusion comes from two broad directives.
- The Office of Minority and Women Inclusion (“OMWI”) was established as part of , which created an Office of Minority and Women Inclusion in each of the financial regulatory agencies, including the CFPB, the Federal Reserve Board, FDIC, OCC, and SEC. The OMWIs are responsible for all matters of each agency relating to diversity in management, employment and business activities. OMWIs are also required to set standards for:
- Equal employment opportunity and the racial, ethnic, and gender diversity of the workforce and senior management of the agency;
- Increased participation of minority-owned and women-owned businesses in the programs and contracts of the agency including standards for coordinating technical assistance to such businesses; and
- Assessing the diversity policies and practices of entities regulated by the agency.
- Executive order 13583 establishing a coordinated government-wide initiative to promote diversity and inclusion in the federal workforce. “I am directing executive departments and agencies to develop and implement a more comprehensive, integrated, and strategic focus on diversity and inclusion….” (President Obama, August 2011).
Organizations that succeed at connecting their diversity programs to performance systems and processes—including performance management, compensation, human resources and other organizational areas—have the best opportunity to measure the value of diversity and inclusion. Each division can attain better overall results by maximizing diversity and inclusion in the daily employee experience. Divisions are currently developing their own business cases for diversity and inclusion to highlight the way in which the Bureau’s diversity and inclusion strategy directly impacts the work of various divisions and offices.