World-Wide Reach - Strong Local Presence!

PRESS RELEASE: Consumer Financial Protection Bureau Releases Report Outlining Strategies for Promoting Diversity and Inclusion in the Mortgage Industry

consumer financial protection bureau

FOR IMMEDIATE RELEASE:
April 27, 2017

CONTACT:
Office of Communications
Tel: (202) 435-7170

CONSUMER FINANCIAL PROTECTION BUREAU RELEASES REPORT OUTLINING STRATEGIES FOR PROMOTING DIVERSITY AND INCLUSION IN THE MORTGAGE INDUSTRY
Report Discusses Current Approaches and Business Case for Diversity and Inclusion

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a report summarizing strategies for promoting diversity and inclusion used by mortgage industry participants. It highlights the business case for diversity along with current approaches and practices used in the mortgage industry, such as establishing buy-in from top leadership, integrating principles of inclusion in recruiting and hiring, and the importance of data in assessing the impact of diversity on keeping organizations competitive. The report is the result of the CFPB’s collaboration with the financial services industry to raise awareness of the importance of strengthening diversity and inclusion within organizations.

“The Consumer Bureau’s mission is to protect all consumers across the diverse American marketplace, just as financial institutions seek to serve them with helpful products and services,” said CFPB Director Richard Cordray.  “The insights in this report from our roundtable with mortgage lenders help to show the advantages of integrating diversity and inclusion programs in workplaces throughout the financial services industry.”

The CFPB’s Office of Minority and Women Inclusion (OMWI) convened an industry roundtable meeting in collaboration with the Mortgage Bankers Association (MBA), which has shown notable leadership on these issues, and today’s report is a readout of that meeting. The roundtable convened representatives from the mortgage industry, including from larger and smaller banks, as well as some nonbank financial companies. Some participants were the primary executive leaders of their companies and others led units such as mortgage banking, neighborhood lending, or human resources. The roundtable also included OMWI staff from other federal agencies, including the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve, and Federal Housing Finance Agency (FHFA).

Through the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Congress required the creation of an Office of Minority and Women Inclusion at the following agencies: Treasury, FDIC, FHFA, OCC, National Credit Union Administration, Securities and Exchange Commission, CFPB, Federal Reserve Board, and each Federal Reserve Bank. Each of the OMWI directors is charged with developing standards for the diversity of the agency workforce, increasing diversity in agency programs and contracts, and assessing diversity policies and practices of entities regulated by the agency.

The report highlights issues raised by the roundtable participants, including current approaches, and underscores the need to develop a strong business case for diversity and inclusion. The speakers stressed how their businesses were being affected by the changing demographics of their customer base. They noted that a diverse and inclusive workforce was especially important to help them attract and retain the talent and perspective they need to solve new and complex problems, create innovative solutions, and improve business outcomes in face of this growing challenge. The report discusses strategies and practices on topics including:

  • The business case for diversity and inclusion: The roundtable participants shared that embracing diversity and inclusion made business sense for their organizations. Participants that analyzed how diversity and inclusion can strengthen organizations found that it improved overall performance and leads to a more positive and productive workplace.
  • The importance of leadership buy-in and accountability: A strong theme was the importance of the “tone from the top” of the organization, without which many speakers said it is virtually impossible to sustain a successful diversity program. Strong leadership on diversity and inclusion issues aligned organizations to build in diversity and inclusion as fundamental principles. 
  • Recruiting, hiring, inclusion, retention, advancement, and engagement: Participants shared that principles of inclusion are vital in developing and sustaining a diverse workforce over time. Organizations noted that they sought to boost retention levels and advancement prospects of people with different backgrounds and viewpoints. Another goal reported by participants is to make sure that discussions and decisions within the organization reflect the more robust analysis and broader understanding that can result from multiple viewpoints.
  • Broadening the customer base with new business products: Participants explained that a more diverse workforce fosters greater understanding of the particular needs and situations of a more diverse customer base, including tailoring products to the needs of different consumers. Participants saw this as a key approach to attracting and satisfying a broader base of customers. 
  • The importance of data:  Data collection and analysis play an integral role in supporting many of the participating organizations’ business cases for diversity. Some participants noted that understanding the demographics of an organization’s workforce is key to ensuring that it reflects the available talent pools and remains competitive and effective.

The CFPB’s OMWI Report on Promoting Diversity and Inclusion in the Mortgages Industry is available at: http://files.consumerfinance.gov/f/documents/201704_cfpb_OMWI-Regulated-Entities-External-Report.PDF

###

The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.

 

Like & Follow Us on Social Media!

Subscribe!

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 3,950 other subscribers

JDRF One Walk: Grace for the Cure! Please Support Team Gracie Sevilla!

What People are Saying!

 

“Hands down, the best!”

– George Farjeat of Farjeat Insurance

“Great value and return on investment”

– Ines Calderon of Adriana’s Insurance

“Tommy is the king of social media!”

– Rocky Patel of Rocky Patel Premium Cigars

“Best investment I’ve ever made”

– Dale Roley of Roley’s Tree Care

“…great job in increasing my exposure…”

– Mark Cantrell, Law Offices of Mark Cantrell

 

Free Business Listings!

Featured Listings

Upcoming Live Music

No shows booked at the moment.

Featured: Susie Garcia & Las Colibri

Featured: Viento Callejero with Marlene Beltran

SEO Management

RSS Alexa Blog

  • How to Find LSI Keywords: 5 Easy Strategies
    Once you master the basics of writing SEO-friendly content, it’s time to take your strategy to the next level by learning how to find LSI keywords for your content. At a first look, LSI keywords may seem like an advanced SEO strategy difficult to understand and execute. But the concept is simple when you know […]
  • Your Complete Guide to Creating an Influencer Marketing Strategy
    A successful influencer marketing strategy helps you increase brand exposure, build authority, and connect with new audiences. It drives traffic to your site and leads new customers to your products and services. There are many benefits of influencer marketing, but it can be a confusing and complicated strategy to set up, launch, and manage. It’s […]
  • How to Do Market Research Better Than Your Competitors
    Learning how to do market research better than your competitors equips you to outperform them. A strong market research process helps you learn about your audience, understand their needs, and position your products and services to serve them better. With these insights, you can improve your marketing strategies and rise above competitors who don’t fully […]
  • 7 Overlooked Benefits of Influencer Marketing
    When marketers think about the benefits of influencer marketing, most think of the exposure that comes with a social media star or celebrity sharing content about their brand. It’s the publicity and attention that immediately comes to mind. But influencer marketing brings more than just extra exposure . Here are seven often-overlooked benefits, plus real […]
  • How to Submit a Guest Post That Any Editor Will Love
    As a marketer, you probably don’t need anyone to tell you how valuable content is to your marketing efforts. You’re already creating content: I bet you have some high-quality blog posts and resources for your audience members and that your email campaigns and social feeds share that content with subscribers and followers. But what about […]

RSS Search Engine Watch

RSS Search Engine Land

RSS Local Business Locator Blog

  • Adriana’s Insurance: New Federal Laws – Eco-Friendly California
    Proposed Federal Laws Could Negatively Impact California’s Eco-Friendly Laws www.AdrianasInsurance.com On August 02, 2018, the U.S. Environmental Protection Agency (EPA) in conjunction with the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) released a notice of proposed rulemaking called the Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule for Model Years 2021-2026, Passenger Cars and […]
  • Grace for the Cure! JDRF One Way Walk for Type 1 Juvenile Diabetes
    Grace for the Cure! (Team Gracie Sevilla) Cure Type 1 Diabetes     Type 1 Diabetes (Juvenile Diabetes) Putting an end to T1D, one step at a time Our team is walking to end type 1 diabetes (T1D). When you have T1D, your body stops producing insulin—a hormone essential to turning food into energy. Managing […]
  • The “Total You” Workshop from Rise Programs Academy
    THE TOTAL YOU WORKSHOP How to improve “The Total You” Spirit, Soul and understand the 3 primary areas to bring passion, alignment and stability into your entire life. You will get direction to live, obtain spiritual awakening, recharge emotionally, improve your thought process, and refresh your life! The Total You workshop is about becoming the […]
  • 10 Official CA Vehicle Laws That Will Make You Scratch Your Head
        California Insurance Services from Adriana’s A wise person once said that “Common Sense is like deodorant. The people who need it the most never use it.” This may sound like a silly joke, but the sad truth is that it’s impossible to measure how much trouble people regularly get into, simply because they […]
  • Phil Wickham Record Release Party: Friday, August 3, 2018

RSS LBL Blogspot Feed

RSS Music Connection

  • Album Review: Hive Mind by The Internet (9/10) August 15, 2018
    Hive Mind by The Internet is a mixture of alternative R&B, neo-soul, funk, psychedelic soul, hip-hop and avant-garde jazz. The album’s first single, “Roll (Burbank Funk),” is stylized and structured in a manner similar to music from the P-Funk genre of the ‘70s. But the most thrilling composition from the album is a track called “Next Time/Humble Pie.” This song […]
  • Idyllwild Strong Announces Cranston Fire Benefit Festival August 15, 2018
    Idyllwild Strong is hosting a benefit festival on Aug. 17-19 in Idyllwild, CA. This festival will bring much-needed revenue to the local businesses of Idyllwild, as well as provide relief for those victims who need it most. More than 70 bands and artists will perform over three days at 10+ venues in town. Over 13,000 […]
  • 2018 Camp Flog Gnaw Carnival Lineup Revealed August 14, 2018
    Tyler, the Creator has revealed the lineup for the 2018 Camp Flog Gnaw Carnival, taking place on Saturday, Nov. 10 and Sunday, Nov. 11 at Los Angeles’ Dodger Stadium grounds. Among the headliners are Kids See Ghosts, the collaborative project of Kanye West and Kid Cudi, Tyler, Ms. Lauryn Hill (as part of her Miseducation of Lauryn Hill anniversary tour), Earl Sweatshirt, the […]
  • Louise Goffin at McCabe's Guitar Shop August 14, 2018
    The daughter of legendary songwriters Carole King and Gerry Goffin, Goffin has exquisitely carried on their legacy while establishing herself as a formidable, multi-talented singer-songwriter in her own right over the past few decades. Her lifelong dedication to the craft shone through on a diverse set of infectious, rhythmically diverse tunes (many being performed for […]
  • New Gear/New Toys Review: D'addario Accessories DIY Pedal Board Power Cable Kit August 14, 2018
    D'Addario offers a way to have custom length DC power wiring cables on your pedal board--and all without soldering. The DIY Pedalboard Power Cable Kit comes with 20-feet of Premium Tour-Grade Power cable and 12 solderless plugs. That's enough for wiring six pedals to exactly the right lengths. So no more extra, sloppy-looking cabling getting […]

RSS Political News

  • Gov Andrew Cuomo Declares America ‘Was Never That Great.’ But He Forgot What His Daddy Said August 16, 2018
    “Don’t cut off your nose to spite your face.” The meaning of that idiom is clear: In your haste to lash out, you need to be careful about being so short-sighted that you end up hurting yourself. It might be time to update that phrase. Here’s a version that seems particularly apt in today’s world:… […]
  • Kyle Kashuv Celebrates 1st Day of School with Brutal Sheriff Israel Takedown August 15, 2018
    Conservative teen activist Kyle Kashuv from Parkland, Florida, had some strong words to share with The Western Journal about his recent tweet calling out Broward County Sheriff Scott Israel. Kashuv’s message was a response to a tweet from the Broward Sheriff’s Office Twitter account, where they claimed they were “committed to ensuring the safety of… […]
  • Lois Lerner Case Explodes: IRS Docs Link McCain’s Office to Tea Party Attacks August 15, 2018
    Since announcing his brain cancer was terminal, Arizon Sen. John McCain has continued to make headlines, but not due to his medical status. Instead, it has been one controversy after another revolving around him, and now one more had been added to the list. This one is based in his dislike not for Ted Cruz or Rand… […]
  • Fox News Breaks New Viewer Record, Swamps CNN’s Entire Brand August 15, 2018
    Though far from perfect, Fox News has nevertheless set itself apart from the rest of the mainstream media by providing more balanced and fair coverage of the political scene than their blatantly left-leaning competitors. And it looks like they have been rewarded for that by American news consumers. Fox News has been crushing their cable… […]
  • #MeToo Dems Cheer as Accused Woman Abuser Easily Wins Election August 15, 2018
    For a party that claims to be fully supportive of women, the Democrat Party sure seems to be hypocritical when it comes to electing officials. According to Democrats.org and the Democrat Party platform, Democrats “are committed to ensuring full equality for women. Democrats will fight to end gender discrimination in the areas of education, employment,… […]

How to Create Backlinks: A Definitive Guide

Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.
%d bloggers like this: