Consumer bureau names head of diversity office

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In addition to making sure financial institutions are selling consumer products that are easily understood and cracking down on abusive products, the new office means the bureau also will be monitoring the diversity policies of those businesses.

The CFPB established the position thanks to a provision in the Dodd-Frank financial reform law — which also created the bureau — that requires all financial services agencies to establish similar offices. The provision was authored by Rep. Maxine Waters (D-Calif.), the second-ranking Democrat on the House Financial Services Committee.

In addition to evaluating the diversity policies of banks, credit card companies and mortgage providers, among others, Ishimaru is also charged with ensuring the diversity of the CFPB's workforce and that of the businesses that participate in agency programs and contracts.

Ishimaru comes to the CFPB from the Equal Employment Opportunity Commission, where he served as commissioner. He was nominated to be a member of the five-person commission by former President George W. Bush, on the recommendation of former Senate Majority Leader Tom Daschle (D-S.D.). He was then named head of the commission by President Obama.

"I am thrilled at this opportunity to be a part of a new era of consumer financial protection,” said Ishimaru. “Including women and minorities in the workplace is good for both businesses and the customers they serve.”