“Mr. Ishimaru’s extensive experience in promoting diversity makes him the perfect person for the job,” CFPB Director Richard Cordray said, according to DealBook.
The 2010 Dodd-Frank Act, which mandated the creation of the CFPB, also established a diversity office for the regulator. The operational beginning of the CFPB’s diversity office in January was preceded by similar offices established at other regulatory agencies.
Rep. Maxine Waters (D-Calif.), the author of the Dodd-Frank diversity office requirement, said that the office will better address Wall Street, which is primarily dominated by men, DealBook reports.
The CFPB diversity office is responsible for establishing the agency’s hiring standards and building a diverse workplace. Dodd-Frank also requires that the agency examine “the diversity policies and practices” of firms to be regulated under the CFPB. Currently, the CFPB oversees some of America’s largest banks as well as smaller financial institutions like payday lenders.
Before coming to the CFPB, Ishimaru served as commissioner and temporary acting director for the EEOC. Ishimaru has also held senior positions with the U.S. Commission on Civil Rights and the Justice Department’s civil rights division.
“I am thrilled at this opportunity to be a part of a new era of consumer financial protection,” Ishimaru said, according to DealBook.