Consumer Financial Protection Bureau Releases Report Following Accusations of Racism

CFPB Director Richard Cordray / AP

BY:

The Consumer Financial Protection Bureau released a report Friday on its controversial performance reviews.

CFPB had been accused of racism in its performance reviews. Whites were twice as likely to receive a top rating than their African American and Hispanic coworkers. The racial disparities were first reported by American Banker.

House Financial Services Committee Jeb Hensarling (R., Texas) and two other Republican lawmakers announced a probe of the CFPB earlier this month.

The Wall Street Journal reports:

The Consumer Financial Protection Bureau’s decision to release the report (PDF here), based on reviews of more than 1,170 employees, represents an attempt to quell internal discord over treatment of minority employees at the agency.

The National Treasury Employees Union, which represents CFPB workers, said many agency employees have "voiced dissatisfaction with their appraisals."

The report, based on reviews of 1,173 employees, said that 21 percent of the agency’s white employees received the highest possible performance rating in the 12-month period ending Sept. 30, 2013. That compared with 9 percent of Hispanics, 10.5 percent of blacks and 15.5 percent of Asians.

Nearly 54 percent of whites received the second-highest-possible rating, compared with 56 percent of Hispanics, 47 percent of blacks and 50 percent of Asians.

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