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House Financial Services Committee Chairman Jeb Hensarling and two other GOP lawmakers are probing the Consumer Financial Protection Bureau over how it treats its employees.
March 6 -
Consumer Financial Protection Bureau managers are far more likely to rate white employees highly than minorities, data obtained by American Banker shows. The figures reflect broad personnel problems inside the agency and are likely to give rise to claims that it's failing to uphold standards it punishes others for violating.
March 6
WASHINGTON The Consumer Financial Protection Bureau is planning to eliminate its current employee performance management system after data showed minorities were rated lower than white employees.
The change comes in response to an American Banker article that showed the agency's white employees had a greater likelihood of receiving the highest rating in performance evaluations than minorities.
After the story ran on March 6, CFPB Director Richard Cordray sent an internal letter to staff promising to address the performance reviews and other issues. By Monday, the agency decided it would change the performance review process, according to an email sent out to several media outlets.
"The CFPB will move away from its current performance management system," said Jen Howard, a CFPB spokeswoman. "We have agreed to work together with the union on a system that is consistent with our shared commitment ato excellence, equality, and fairness."
(The CFPB did not provide the email to American Banker, despite requests. It was obtained through sources.)
In the letter to employees, Cordray said the agency is working with the National Treasury Employees Union on next steps to take and is in the process of hiring an outside consultant to "interpret the data and do a comprehensive review and analyses of the ratings data. "
"I want you to know that we take these issues seriously, and if there are problems we want and intend to have them fixed," Cordray stated. "Depending on what the ongoing review finds, we will take appropriate corrective actions and communicate them to you. In the meantime, we have begun taking steps to strengthen our performance management system and to improve managers' skills."
