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Lawmakers from both sides of the political aisle reached a rare accord Wednesday during a House Financial Services subcommittee hearing, pledging to further investigate allegations of retaliation and discrimination among employees of the Consumer Financial Protection Bureau.
April 2 -
The Consumer Financial Protection Bureau is planning to eliminate its current employee performance management system after data showed minorities were rated lower than white employees.
March 10 -
Consumer Financial Protection Bureau managers are far more likely to rate white employees highly than minorities, data obtained by American Banker shows. The figures reflect broad personnel problems inside the agency and are likely to give rise to claims that it's failing to uphold standards it punishes others for violating.
March 6
WASHINGTON Consumer Financial Protection Bureau Director Richard Cordray on Friday said the agency is "determined" to foster a workplace where employees are treated with the same fairness the bureau demands for financial consumers.
"We understand diversity as a core principle and a way of being, rather than just a series of occasional check-the-box exercises," Cordray said in prepared remarks to a San Francisco conference of the Greenlining Institute. "We have set high standards for ourselves and our work, as reflected in our high levels of diversity in hiring and contracting. But meeting these standards across the board requires commitment at the highest levels, and that must begin with me as the head of the agency."
The CFPB is facing questions in the wake of an American Banker article reporting
Addressing an economic summit hosted by Greenlining a group committed to expanding financial opportunities for minority groups Cordray said the agency's workplace standards correspond with its consumer protection mission.
"Increasingly, we are focused on achieving diversity and inclusion not only in hiring and contracting, but also in matters of our culture and the career development of our colleagues," Cordray said. "Issues have arisen within the bureau that bring these considerations into sharp relief, and we are determined to address them appropriately to make sure our own employees are being treated fairly, just as we insist that financial institutions must treat consumers fairly."
He added that the CFPB "cannot afford sameness and groupthink.
"We are standing up for all Americans in the consumer financial marketplace, and we need to understand the broad and varying outlook of those we serve," Cordray said. "Diverse backgrounds, perspectives, and experiences are important assets in carrying out our mission. Our immediate goal is to create a workplace where we can, individually and collectively, do our best work to improve the lives of consumers across this country."
