CFPB Announces Director of Diversity Office, Outlines Planned Activities

CFPB Dodd-Frank

On April 30, the CFPB announced that Stuart Ishimaru will lead its Office of Minority and Women Inclusion. A former Equal Employment Opportunity Commissioner, Mr. Ishimaru will lead an office that plans to (i) develop standards for assessing the diversity policies and practices of CFPB-regulated entities, (ii) provide advice on the impact of CFPB policies and regulations on minority and women-owned businesses, (iii) coordinate with the Director to create and implement solutions to civil rights violations, and (iv) develop and implement standards of equal employment for the CFPB. In announcing Mr. Ishimaru’s hiring, Director Cordray stated that the financial industry “has not traditionally reflected all of its customers” and the new office will work with banks and nonbanks to develop systems that encourage diversity.