A new federal agency established after the 2008 financial crisis addresses failures of consumer protection and hopes to bring improvements to the consumer market. It takes change agents like Stuart Ishimaru to turn hope into reality.
The 2008 financial collapse causing global angst proved that near-disaster can lead to positive consequences. The Consumer Financial Protection Bureau (CFPB), a new U.S. federal agency that began operations on July 21, 2011, is proof. Created by the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, its purpose is to consolidate oversight of consumer financial products and services and address failures of consumer protection. The financial watchdog is dedicated to promoting marketplace fairness, so it made perfect sense that it created the Office of Minority and Women Inclusion (OMWI) to promote diversity in its workforce, in dealings with private contractors, and in the financial firms it oversees.
As change swept through the financial industry, the CFPB found itself in the middle of controversy. There were partisan political arguments over the need for the CFPB, what should be the extent of the agency’s authority, the appropriate procedures to follow for appointment of its Director, and even whether OMWI is merely a cover for affirmative action. Change is seldom easy, and especially when it requires balancing a multitude of governmental and private interests in the middle of political turmoil. Getting OMWI off the ground and functioning required a leader with a specialized skill set, and that is where Stuart Ishimaru entered the scene.
Stuart has a long background working with the government. From 1984-1991, he served as assistant counsel for the House Judiciary Subcommittee on Civil and Constitutional Rights, followed by two years of subcommittee service on the House Armed Services Committee. In December 1993, he was selected to serve as the Acting Director of the U.S. Commission on Civil Rights. In 1994, Stuart began working as counsel to the assistant attorney general in the Civil Rights Division and by 1999, if was a deputy assistant attorney general. All the positions were held during politically tumultuous periods, giving him plenty of opportunities to exercise leadership and collaborative skills. Stuart worked on high-profile litigation cases, dealt with hate crime and slavery prosecutions, advised on management and political issues, and worked on matters concerning enforcement of the Americans with Disabilities Act.
In 2003, Stuart began serving what would be close to two terms on the Equal Employment Opportunity Commission (EEOC), during which he served as Acting Chairman of the Commission from January 2009 to April 2010. At the EEOC, his ability to bring about change was never more evident. During his tenure, Stuart was instrumental in reinvigorating and rebuilding a weakened agency, tackling difficult issues like caregiver gender discrimination, instituting a system for the collection of data on multi-race workers, and opposing efforts to weaken EEOC race and age discrimination protections. In April 2012, Stuart was named the head of OMWI.
The litany of Stuart’s achievements reflect accomplishments made during periods of great turmoil generated by politics, economics, and a rapidly increasing rate of change in the diversity of the U.S. population. Stuart has long been recognized as an advocate for all people and was an early supporter of legislation prohibiting discrimination based on sexual orientation. He is a passionate about promoting diversity and has a dynamic personality coupled with a bit of a bulldog quality in his efforts to pave the way for change.
As he describes the opportunity to lead the OMWI, “It is an intriguing challenge to create, maintain and encourage diversity and inclusion at a brand new agency in areas of employment and procurement, and also create standards for the regulated entities.”
Just the thought of trying to develop diversity and inclusion at both the government and industry levels in a highly charged political atmosphere would scare off less experienced and confident people. However, Stuart relishes the opportunity to be a change agent, and is currently working with regulators to develop standards for financial entities. He plans on quickly advancing the OMWI agenda by relying on his past experience and knowledge of best practices employed by businesses.
Getting to ‘Yes, we can’!
As CFPB grows, there are three initiatives on Stuart’s goals list. First, he wants to make sure the Bureau develops internal diversity and that people feel included and valued. Second, he wants to ensure there are fair procurement opportunities. Third, he wants to make sure there are standards for regulated entities that set achievable goals. His plan is to establish metrics that can be used to measure progress in both the Bureau and regulated entities.
The CFPB procurement footprint is relatively small compared to other regulatory agencies. MWBEs can find the 2013 forecasted solicitations on the agency’s website at http://www.consumerfinance.gov/doing-business-with-us/. Stuart is focused right now on getting the word out that the CFPB exists and has employment and procurement opportunities. Currently, the OMWI expends a lot of its effort just letting communities know that it stands ready to help.
The growing diversity of the U.S. population has created a vibrant but challenging environment. The reason that the OMWI was created in the first place is that business as usual will not serve the best interests of a U.S. defined by its diversity. Stuart is working on answers to questions like, “How do we make sure we understand what all consumers are up against? How do we get past cultural barriers that keep people from accessing resources? How do we make sure that language barriers have been addressed so that consumers are treated equally?”
Since establishing metrics is critical to proving diversity and inclusion success, Stuart is currently working on pulling together accurate data. “One of the tenets of this agency is that we should incorporate date driven analysis, but I must first identify the reliable data sources,” explains Stuart. One of the benefits that Stuart sees emanating from working with a new agency is that he never hears, “No, we don’t do that,” or “No, we can’t do it that way.” Even if told “no”, he is the kind of person who refuses to allow anything to impede progress. That is precisely why he is the right man with the right experience for the right job.