CFPB Considers Initiatives to Eliminate Workplace Biases
After concerns over discriminatory practices at the Consumer Financial Protection Bureau, the agency has announced that it will soon implement strategies that are aimed at reducing biases in the workplace.
There have been a number of recent concerns about workplace discrimination at the Consumer Financial Protection Bureau, which is the premier consumer financial regulatory agency. A number of reports recently revealed that there were disparities in employees’ performance ratings that seemed to be based on racial distinctions. There have also been a number of other complaints of unfair treatment at the agency that made their way into the media.
The Consumer Financial Protection Bureau was created as part of the provisions of the Dodd Frank Act. At the time, the agency worked quickly to hire employees, and diversification of the workforce was not prioritized. Now, the agency says that it wants to attract a diverse pool of job applicants, and focus on creating an inclusive workplace culture.
Recently, a report that was filed by the American Banker newspaper analyzed internal Consumer Financial Protection Bureau data, showing clearly that the agency’s white employees were approximately twice as likely to be given a top performance rating, compared to African-American or Hispanic employees. At least one attorney who worked for the agency has told a Congressional committee that she was the victim of gender discrimination at the agency. When she filed a formal complaint, she alleges that she was retaliated against.
Agency officials clearly admit that there is room for greater inclusionary practices at the agency. That is definitely a step in the right direction. The agency now has a solid opportunity in which to rectify past mistakes, and promote a more inclusive culture that bans discrimination against women and minorities.
