California DFPI’s Diversity Findings & Call for Inclusive Recovery

Logo for the California Department of Financial Innovation and Protection

The California Department of Financial Protection and Innovation (DFPI) hosted its inaugural Economic Equity Conference and unveiled its first-ever “Survey of Diversity in State Banking” report on 80 state-chartered credit unions and banks this week.

The survey report’s findings cover financial institutions’ data collection efforts and inquiries regarding employee and board member ethnicity, gender, veteran/disability status, marital status, and sexual orientation, as well as information on diversity education, training, and diversity-equity-inclusion goals.

Intended to give state financial leaders strategies to improve their diversity, equity, and inclusion initiatives and consider their role in helping to close the racial wealth gap, DFPI Commissioner Manuel Alvarez pushed attendees to consider bold efforts in the wake of economic disparities exacerbated by the COVID-19 pandemic.

The California Credit Union League is very honored that USC Credit Union CEO Gary Perez represented the credit union industry while participating in the “Innovating Strategies for Closing the Racial Wealth Gap” panel. This panel also included several representatives from banks.

Additionally, the conference included remarks from a labor and civil rights activist, the state’s business/consumer services and housing secretary, and others.

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