As a federal agency dedicated to improving the consumer marketplace, the Consumer Financial Protection Bureau (CFPB or the Bureau) aims to protect and empower consumers. The Office of Minority and Women Inclusion (OMWI) of the CFPB recently presented its annual report outlining last year’s activity. Specifically, the report provided information on CFPB’s diversity and inclusion efforts.
The OMWI of the CFPB is required to create and implement certain workforce standards for the agency. The OMWI must establish standards for equal employment opportunity, workforce diversity, and inclusion at all agency levels; increased participation of minority-owned and women-owned business in CFPB programs and contracts; and assessment of the diversity policies and practices of entities regulated by the CFPB.
The OMWI tailored its standards to supplement the Bureau’s preexisting commitment to workforce equality, diversity, and inclusion. The OMWI implemented programs to improve workplace flexibility, increase employee training opportunities, respond to employee feedback, and apply outreach recruiting efforts. The OMWI also supported the CFPB’s initiative programs to improve the overall employee experience.
Contracting with minority-owned, women-owned, and small businesses also remained a priority throughout 2014. The OMWI and the Office of Procurement facilitated ways to source a diverse pool of prospective vendors through monthly workshops, dynamic outreach, and other practical resources.
The report also noted that the OMWI is waiting on a policy statement detailing practices of other entities to begin a plan related to the new standards.
Ultimately, the OMWI of the CFPB plans to continue to create standards that will add value to the CFPB’s organizational culture and work.