CFPB Creates New Office To Focus On Diversity In The Financial Industry

The Consumer Financial Protection Bureau announced a new appointment today, that of Stuart Ishimaru as the leader of the Office of Minority and Women Inclusion at the bureau. Previously, Ishimaru was the acting chairman of the Equal Employment Opportunity Commission. So he knows his stuff, ostensibly.

The new office will aim to promote diversity at the agency and within the financial services industry, reports the L.A. Times. Ishimaru’s position is a requirement of the 2010 financial reform law.

CFPB Director Richard Cordray says the new office will work to develop standards for assessing the diversity policies in the financial services industry. However, it won’t be able to write regulations to dictate how financial services companies hire employees.

Critics are concerned that new CFPB offices will add to the cost of running the bureau, but Cordray says the agencies will “find a way to collect data without imposing an undue regulatory burden.”

Ishimaru says the new office will aim to call attention to those in the industry who are doing things right, with respect to diversity.

“It isn’t forcing people to do it, but it lets them know how to do it,” he said.

Consumer bureau appointee to promote financial industry diversity [L.A. Times]