The federal agency charged with consumer financial protection on Friday published an updated diversity and inclusion strategic plan covering the period of fiscal 2019 to fiscal 2022.
The Consumer Financial Protection Bureau (CFPB) says its updated diversity and inclusion strategic plan aligns with the bureau’s 2018-2022 strategic plan by “identifying impact areas and actions to drive continued innovation to advance diversity and inclusion.” The 2018-2022 strategic plan, it says, includes a strategy to “…maintain a comprehensive equal employment opportunity (EEO) compliance and diversity and inclusion programs, including those focused on minority and women inclusion.”
The 12-page diversity and inclusion strategic plan update is built on five key impact areas, the bureau says, and outlines actions to be taken under each. The five impact areas are:
- Workforce Diversity: To develop and maintain relationships with diverse colleges and professional organizations in order to improve the Bureau’s talent pool and pipeline and develop a high-performing workforce from all segments of society.
- Workforce Inclusion: To cultivate a culture that encourages collaboration, flexibility and fairness to enable individuals to contribute their full potential.
- Supplier Diversity: To increase business opportunities for minority-and women-owned businesses (MWOBs); use the Dodd-Frank good faith effort (GFE) standards to determine Bureau contractors’ efforts to utilize minorities and women in their workforces and provide advice to the Bureau Director on the impact of Bureau policies on minority- and women- owned businesses.
- Sustainability: To develop strategies and processes to promote an inclusive culture and equip Bureau leaders with the ability to manage diversity, articulate expectations and accountability, measure results, and adjust and refine approaches based on collected data.
- Regulated Entities: To provide a framework for regulated entities to build and strengthen their diversity policies and programs.