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CFPB releases second annual workforce report

cfpbThe CFPB recently issued its second annual report to Congress on the recruitment, training and development of its staff and resources.

Under Section 1067 of the 2010 Dodd-Frank Act, the CFPB is required to submit an annual report detailing its efforts to the Senate Committee on Banking, Housing and Urban Affairs and the House Financial Services Committee.

As of Nov. 3, the CFPB had 1,014 employees. Approximately 50 percent of the agency’s employees identified as female, and 34 percent identified as minority. A majority of the agency’s staff is under age 40, while 49 percent of CFPB staff is older than 40 years.

The CFPB said in the report that it had developed and implemented a “comprehensive workforce planning process” to improving staff hiring. The CFPB also said that, due to an “enhanced recruitment strategy” used over the past year, data revealed a large increase in candidate job interest in CFPB opportunities.

Additionally, the CFPB said that its hiring process moved to focus more on an “integrated, long-term hiring strategy.” The CFPB’s Office of Human Capital, Technology and Innovation developed a number of assessment methods to support candidate selections for various agency positions.

The CFPB listed future action items in the report, including conducting the annual workforce planning process integrated with the budget process, creation of strategic outreach and recruitment practices, the streamlining of the employment application process and the use of assessment processes to select the best candidates.

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