New CFPB Report Reveals How Far the Financial Services Industry Still Has Ways to Go With DEI

On Jan. 5, the Consumer Financial Protection Bureau released its report on diversity and inclusion within the financial services industry, an effort from its Office of Minority and Women Inclusion (OMWI) to assess how companies are executing D&I programs created from section 342 of the Dodd-Frank Act.

The report uses publicly available D&I information collected from websites and annual reports of financial services companies. Part of its goal is to assess how financial institutions demonstrate a commitment to D&I through public channels. The OMWI’s goal in creating it is to set reasonable standards for D&I programs that can be expected of companies of all sizes.

OMWI assessed 270 different organizations on 20 different criteria that measured efforts around workforce diversity metrics, internal recruitment practices and strategies, D&I training, ERGs, supplier diversity programs, as well as the amount of information these companies were sharing publicly.

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