CFPB OIG Report on Agency's Diversity and Inclusion Efforts Calls for Enhancement

CFPB

On March 4, the CFPB Office of Inspector General (OIG) issued a report on its audit of the CFPB’s diversity and inclusion efforts, which was completed at Congress’s request. The report outlines its findings, noting that while the Bureau has worked to create a diverse and inclusive environment, there are four main areas where its efforts could be improved: (i) currently, diversity and inclusion training is not mandatory for employees, senior managers, and supervisors; (ii) ongoing issues exist in connection with data quality in the CFPB’s tracking of potential diversity and inclusion concerns; (iii) the diversity and inclusion strategic plan should incorporate opportunities “to strengthen supervisors’ and senior managers’ accountability for implementing diversity and inclusion initiatives and human resources-related policies;” and (iv) an official succession planning process should be implemented to ensure that candidates applying for senior management positions are diverse. The OIG made several recommendations that are intended to further enhance the Bureau’s “monitoring and promotion of diversity and inclusion,” and the CFPB has since approved new standard operating procedures to address these recommendations.