CFPB Releases Report on Diversity, Inclusion in the Mortgage Industry
Fri 05 May, 2017 / by McIntyre & Lemon / Client Alerts
05/05/17 – The Consumer Financial Protection Bureau (CFPB) released a report summarizing strategies for promoting diversity and inclusion used by mortgage industry participants.
The report highlights issues raised by participants of an industry roundtable meeting—a collaboration between the CFPB’s Office of Minority and Women Inclusion (OMWI) and the Mortgage Bankers Association (MBA)—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 the face of this growing challenge.
The report also 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.