Based on an analysis of publicly available information, the CFPB's Office of Minority Women and Inclusion ("OMWI") found that, "as expected," smaller institutions had fewer diversity and inclusion programs and policies, while larger depository institutions "consistently outperformed" all other institutions in diversity initiatives.
In its Report on Diversity and Inclusion within Financial Services, the OMWI concluded that "there are opportunities for small institutions to increase their efforts without expending significant resources." Dodd-Frank Section 342 charged OMWI with establishing standards to assess diversity and inclusion outcomes at regulated entities. According to the CFPB, this report is the first step in an effort to set standards for diversity and inclusion programming that will be expected of large, midsize and small institutions.
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