Skip to main content

Newsroom

March 7, 2014

CFPB Staff Evaluations Show Sharp Racial Disparities

WASHINGTON —“Since the Consumer Financial Protection Bureau burst onto the financial stage a few years ago, it has made a steady stream of controversial moves.”

“None are more despised by bankers than the agency’s use of statistical differences in the loan terms offered to different ethnic groups to sue creditors for unintentional racial bias.”

“In an ironic twist, it turns out that the CFPB’s own managers have shown distinctly different patterns in how they rate employees of different races, according to confidential agency data obtained byAmerican Banker.”

“Specifically, CFPB managers show a pattern of ranking white employees distinctly better than minorities in performance reviews used to grant raises and issue bonuses. Overall, whites were twice as likely in 2013 to receive the agency’s top grade than were African-American or Hispanic employees, the data shows.”

“What’s more, those disparities are only one of many serious personnel problems plaguing the CFPB. Inside the agency, morale is poor and management has been accused in several cases of favoring Caucasian men and of creating a hostile work environment. That’s according to interviews with a dozen current and former staffers across six departments, all of whom requested anonymity over concerns about retaliation.”

***

Read full American Banker article here.

In the News
Share

MEDIA REQUESTS

For media inquiries, please contact us at
press@bettermarkets.org or 202-618-6433.

Contact Us

For media inquiries, please contact press@bettermarkets.org or 202-618-6433.

To sign up for our email newsletter, please visit this page.

Name(Required)
This field is for validation purposes and should be left unchanged.

Sign Up — Stay Informed With Our Monthly Newsletter

This field is for validation purposes and should be left unchanged.

For media inquiries,

please contact press@bettermarkets.org or 202-618-6433.

Donate

Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.

Donate Today