On October 27, following a March 4 CFPB Office of the Inspector General report on the CFPB’s diversity and inclusion efforts, the CFPB released a five-year Diversity and Inclusion Strategic Plan. Based on regulations and guidance from the Equal Employment Opportunity Commission and the Dodd-Frank Act, the plan is built around the following objectives: (i) recruit a diverse workforce; (ii) enable individuals to contribute to their full potential; (iii) ensure sustainability of the plan; (iv) increase opportunities for minority and women owned businesses; and (v) assess diversity practices of regulated entities. Regarding the fifth objective, the report states that, through the Office of Minority and Women Inclusion, the CFPB will use interagency policy standards to assess regulated entities’ diversity and inclusion policies and procedures and collect baseline data that will serve as a survey of best practices for institutions.
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