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Wednesday, May 2, 2012

CFPB to Assess Diversity at Financial Institutions

The CFPB announced yesterday Stuart Ishimaru will join the Bureau to lead the Office of Minority and Women Inclusion. The Dodd-Frank Act requires federal regulators to set up Offices of Minority and Women Inclusion.

Previously Stuart had worked at the Equal Employment Opportunity Commission, the Civil Rights Division at the Department of Justice, and the Commission on Civil Rights.

In prepared remarks, CFPB Director Richard Cordray stated:
At the CFPB, we will promote diversity through our work. And we will see how much diversity there is in the institutions we oversee.

Dodd-Frank further directs that the Office of Minority and Women Inclusion will work to assess diversity at the financial institutions that the Consumer Bureau regulates. And so we will collaborate with our sister federal agencies to do this in the most streamlined way possible. We will develop standards for assessing diversity policies and practices of our regulated entities.
Read Cordray’s full remarks.

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