Permanant Link For Entry #38

Diversity in the Financial Work Place

Every industry is expected to promote diversity in the work place. The banking industry is no exception. One of the recently established offices of the Consumer Financial Protection Bureau (CFPB) is the Office of Women and Minority Inclusion (OMWI). Its task is to ensure that the CFPB and the financial institutions it regulates promote employment opportunities and the racial, ethnic, and gender diversity of their workforces. Among other requirements, OMWI is charged with developing standards for:

• Equal employment opportunity and the racial, ethnic, and gender diversity of the workforce and senior management of the agency
• Increased participation of minority-owned and women-owned businesses in the CFPB’s programs and contracts
• Assessing the diversity policies and practices of the CFPB’s regulated entities
Bank management should be aware of the scrutiny that is coming and should make a conscious effort to reach out to all communities during the hiring process. Banks should also review their hiring policies and practices to make sure they meet compliance requirements.

TRC Interactive can help you avoid compliance issues by providing interactive, online training on topics such as the Dodd Frank Act. For more information, contact us at info@trcinteractive.com or (800) 222-9909.