Federal Manager's Daily Report

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The Federal Housing Finance Agency adopted a diversity and inclusion plan as part of its strategic plan starting in 2016 in response to an IG report’s recommendations but follow-through is lacking, according to a new assessment by the IG.

The new report says that the strategic plan set standards for recruitment, hiring, and retention practices and for increased participation of minorities, women, and underrepresented groups in agency programs and contracts, while also committing the agency to create a financial literacy program and to perform outreach to promote financial literacy education. Based on that commitment, the IG at the time considered its recommendations to have been met.

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It said that afterward, the agency established a working group to assist with implementation of the internal recommendations beginning with data collection; however, that did not begin until 2019 and the agency has not set a schedule for collecting updated data to measure against that baseline, the report said.

The IG said that a similar data collection to set a baseline for the contracting standards also did not begin until 2019 and “indicates that FHFA does not adhere fully to them.” The report further said that while the agency initially worked to develop a financial literacy program, late in 2016 it decided it had “insufficient resources” to continue that effort.

In response, management outlined steps it said it will take to carry out the diversity and inclusion standards and outlined plans for participating in a multi-agency financial literacy program.

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