FY 2021 Office of Minority and Women Inclusion (OMWI) annual report to Congress
April 1, 2022 / Source: CFPB
The FY 2021 OMWI annual report to Congress provides detailed information about the diversity and inclusion work of the Consumer Financial Protection Bureau from Oct. 1(comma) 2020 through Sept. 30(comma) 2021(comma) unless otherwise noted. The diversity and inclusion work of the Bureau aligns closely with the Biden-Harris Administration’s Executive Order on Advancing Racial Equity and Support for Underserved Communities Through the Federal Government (comma) the Executive Order on Diversity(comma) Equity(comma) Inclusion(comma) and Accessibility in the Federal Workforce (comma) with the Bureau’s Strategic Plan(comma) and with racial and economic equity.
The report describes the Bureau’s diversity and inclusion work over the past fiscal year and includes the following areas and highlights:
- Workforce diversity: In reviewing our five-year trend data(comma) representation of women at the Bureau has been consistent at nearly 50% throughout that time and representation of minorities has steadily increased from 39% to 43%.
- Workplace inclusion: The Bureau conducted over 20 engagement and education events including dialogues(comma) webinars(comma) and fireside chats(comma) to help foster an environment of equity and inclusion(comma) including a joint interagency program to raise awareness about anti-Asian hate(comma) Unmasking Anti-Asian Violence(comma) Xenophobia(comma) and Bias.
- Supplier diversity: In FY 2021(comma) the Bureau spent $37.3 million (33.7%) of its total contractor spend with Minority- and Women-owned Businesses (MWOBs). This increase from the Bureau’s spend of 31.2% in FY 2020(comma) and 28.9% with MWOBs in FY 2019(comma) shows a continuing positive trend since FY 2017(comma) when Bureau spend with MWOBs was 9.2%.
- Inclusion in business activities: In FY 2021(comma) 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.
- Regulated entities: The Bureau engaged in analysis of public data to gain a better understanding of diversity and inclusion within the financial services sector and compiled a report to share its findings. The Diversity and Inclusion within Financial Services Report was published in January 2022.