The CFPB appears to have reacted to the American Banker’s recent article revealing that CFPB staff evaluations showed a pattern of racial disparities by releasing the internal report that was the basis for the article. According to an article by Wall Street Journal reporter Alan Zibel, the CFPB’s release of the report last week “represents an attempt to quell internal discord over treatment of minority employees at the agency.”
The report is based on reviews of 1,173 employees and shows that for FY 2013, 20.7% of the CFPB’s white employees received the highest possible performance rating while 9.1% of Hispanic employees, 10.5% of African American employees and 15.5% of Asian American employees received that rating.
The second-highest possible rating was received by 53.9% of white employees, 56.1% of Hispanic employees, 47.1% of African American employees and 50% of Asian American employees.
According Mr. Zibel’s blog post, Director Richard Cordray sent an e-mail to CFPB staff last Friday in which he said CFPB officials would work on a plan to “further our commitment to equality and fairness.” Director Cordray is also reported to have pledged that the CFPB will hire an outside firm to review the issue and would overhaul its evaluation system.