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March 27, 2014

House Panel to Hold Hearing on CFPB Employee Rating Disparities

“Several officials from the Consumer Financial Protection Bureau are being called to testify before a House subcommittee next week on recent allegations that employees were being mistreated.

“The House Financial Services Oversight and Investigations Subcommittee said it will hold a hearing April 2 to look into statistical disparities that showed the CFPB’s white employees were more likely to get a higher performance rating than minority employees. The disparities were made public in a March 6 article by American Banker that also included quotes from several employees who claimed there is a “retaliatory” atmosphere after filing complaints.

“Rep. Patrick McHenry, the subcommittee’s chairman, was one of three lawmakers to send a letter to CFPB Director Richard Cordray requesting more information about the employee evaluations and complaints. In a press release Wednesday, he said he wanted to discuss the issue further in a hearing.

“The revelations uncovered in the American Banker story are extremely troubling,” McHenry said. “Coupled with the significant number of discrimination claims filed by CFPB employees, this raises serious questions about the management of the bureau.”

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Read full American Banker article here.

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