Consumer bureau reports increase in OMWI representation, resource allocation

The federal agency charged with financial consumer protection increased its representation of minorities by four percentage points over the past five years and in 2021 boosted its share of spending with minority- and women-owned (OMWI) businesses 2.5 percentage points, according to a report released Friday.

The Consumer Financial Protection Bureau (CFPB) said its fiscal 2021 OMWI annual report to Congress covers the period from Oct. 1, 2020, through Sept. 30, 2021. Highlights from the report noted Friday include:

  • Workforce diversity – Based on a review of five-year trend data, representation of women at the bureau has been consistent at nearly 50% throughout that time; representation of minorities has steadily increased from 39% to 43%.
  • Workplace inclusion – The bureau conducted over 20 engagement and education events including dialogues, webinars, and fireside chats to help foster an environment of equity and inclusion, including a joint interagency program to raise awareness about anti-Asian hate, Unmasking Anti-Asian Violence, Xenophobia, and Bias.
  • Supplier diversity – In fiscal 2021, the bureau spent $37.3 million (33.7%) of its total contractor spend with OMWI businesses. This is up from a spend of 31.2% in fiscal 2020 and 28.9% in fiscal 2019; this shows a continuing positive trend since fiscal 2017, when bureau spend with MWOBs was 9.2%.
  • Inclusion in business activities – The bureau launched the pilot for The Bureau Serves, a program through which bureau employees volunteer to work with Title One high school students and teachers to foster financial literacy and career opportunities in financial services and economics.
  • The bureau’s report on Diversity and Inclusion within Financial Services, covering regulated entities, was published in January.

FY 2021 Office of Minority and Women Inclusion (OMWI) annual report to Congress