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FHFA releases plan to increase diversity and inclusion in housing finance

Outlines agency’s three goals

The Federal Housing Finance Agency Office of Minority and Women Inclusion released its plan Monday to expand diversity and inclusion over the next several years.

The FHFA explained it will place special emphasis on its second strategic goal: Ensure Liquidity, Stability, and Access in Housing Finance. The agency said its strategic goals and objectives will be achieved through the development of annual operational plans and measured through performance metrics.
The FHFA’s OMWI announced three strategic goals that it will focus on to increase diversity and inclusion from 2019 to 2021 and fulfill the FHFA’s goal to ensure liquidity, stability and access in housing finance.

Goal 1: Strengthen diversity and inclusion understanding to drive cultural awareness

Enhance the understanding of the OMWI and EEO missions and responsibilities in order to further develop cultural awareness, both within the Agency and for its regulated entities.

Goal 2: Meaningful diversity and inclusion communication

Engage stakeholders in the Agency’s diversity and inclusion mission and communicate the inherent benefits and opportunities in achieving the diversity and inclusion objectives.

Goal 3: Ensure OMWI organizational sustainability

Develop the strategic tools, policies, and services that support the long-term sustainability and effectiveness of the diversity and inclusion mission.

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FHFA Diversity and Inclusion

(Source: FHFA)

“The lasting effect of FHFA’s commitment to diversity and inclusion is its ability to empower a culture where D&I is an intrinsic part of the organization,” the FHFA said in its release. “To do this, the agency must ensure that both the D&I mission and its related responsibilities are well articulated, understood, and evaluated, both within the Agency and across the regulated entities.”

“This means identifying and evaluating efforts to implement D&I and EEO requirements, conducting outreach on D&I mission objectives, and providing tools that help employees apply the D&I mission to their day-to-day lives,” the release continued.

The OMWI stated it intends on expanding the awareness its mission among its employees as it more clearly develops their roles and responsibilities in its mission objectives. It will increase awareness, in part, by developing more educational programs throughout the agency.

The OMWI explained communication is a crucial part to its plan to increase diversity and inclusion, saying it equips employees with the awareness, skills and tools that drive diversity and inclusion achievements.

“Communication is critical to creating lasting change – change that breaks down barriers and opens up an honest exchange about the value of a diverse workplace,” the office explained. “D&I communication should help leaders understand the linkage between diversity and inclusion and business success, and it should help employees open a dialogue about what is important to them.”

But the OMWI pointed out that while the plan covers 2019 through 2021, it hopes to drive long-term success to the FHFA’s diversity and inclusion mission.

“To sustain its commitment, FHFA must build upon its strong D&I foundation while continuing to evolve its functions, services, and structures,” it said. “This includes expanding D&I programs, supporting OMWI organizational development efforts, and developing D&I skills and expertise across the agency.”

Photo credit: Shutterstock.com

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