Stuart Ishimaru has been hired as the head of the Consumer Financial Protection Bureau's newly established Office of Minority and Women Inclusion, which is charged with promoting diversity within the agency and at the financial institutions it regulates.
On April 12, Ishimaru announced he was stepping down as a commissioner at the U.S. Equal Employment Opportunity Commission. A Democrat, Ishimaru served as a commissioner since his appointment by President George W. Bush in 2003. His second term would have expired July 1.
The Dodd-Frank Act that created the CFPB specified that the agency create the Office of Minority and Women Inclusion. According to the CFPB, it will develop standards for:
· Equal employment opportunity and the racial, ethnic and gender diversity of the workforce and senior management of the agency;
· Increased participation of minority-owned and women-owned businesses in the CFPB’s programs and contracts; and
· Assessing the diversity policies and practices of the CFPB’s regulated entities.
“Americans from all walks of life use consumer financial products and services. We should strive to reflect that diversity because, in the end, it will only strengthen the work we do,” said CFPB Director Richard Cordray in a statement. “Mr. Ishimaru’s extensive experience in promoting diversity makes him the perfect person for the job.”