Banks can play an important role in building a strong workforce for their local economy. Engaging Workforce Development: A Framework for Meeting CRA Obligations provides banks, and organizations interested in partnering with them, information and tools to engage in workforce development activities to support their community involvement goals and their obligations under the Community Reinvestment Act (CRA).
Workforce development can be an eligible activity under the CRA. Recent guidance states that ‘creating or improving access by low- or moderate-income persons to jobs or to job training or workforce development programs’ may be considered an eligible economic development activity.
This guide provides bankers and their partners:
- An overview of the workforce development system and strategies
- A process for identifying and assessing workforce development opportunities that aligns with a bank’s community reinvestment strategy
- A template for providing program information to examiners and other stakeholders
- Case studies of workforce development programs supported by banks
For additional information about this guide and how the CRA can be leveraged to support workforce development programs, contact Steven Shepelwich.
Making the case
External LinkPartnering with Banks in Workforce Development
Benefits and examples of bank partnerships with workforce development programs are explored in this chapter from External LinkInvesting in America’s Workforce.
External LinkHow Banks Can Support Workforce Development
Overview of opportunities and impact of bank partnerships with workforce development programs are discussed by the New York Fed.
External LinkAddressing Workforce Development Challenges in Low-Income Communities
Chair Yellen discusses the importance of workforce development and opportunities for bank engagement.
Putting the Community Reinvestment Act to Work
This Kansas City Fed article outlines the importance of bank involvement in workforce.
CRA Resources
External LinkWorkforce development addressed in new Community Reinvestment Act guidance
Interagency guidance on the CRA clarifies workforce development, job creation and economic development activities.
External LinkCRA: An Examiner's Perspective: Questions to Ask Workforce Development Partners
Overview by the St. Louis Fed of items to consider when approaching workforce programming for CRA consideration.
CRA OneSource
The Kansas City Fed’s one-stop-shop for CRA resources, including guides and publications, mapping and search tools, community development and regulator resources and CRA webinars.
Program ideas
CRA-Eligible Workforce Proposals
Search CRA-eligible workforce development proposals from qualified nonprofit organizations on the Kansas City Fed’s Investment Connection platform.
External LinkBank’s Community Reinvestment Act (CRA) Opportunities
The Philadelphia Fed summarizes innovative activities from banks’ Community Reinvestment Act (CRA) performance evaluations in workforce development and other areas of community development.
External LinkEngaging Banks in Workforce Development: Webinar Series
Learn how banks and organizations partnering with them can play an important role in workforce development and the economic health of low- and moderate-income communities in this two-part webinar series.
External LinkBank’s Community Reinvestment Act (CRA) Opportunities
The New York Fed and Boston Fed explore how the Community Reinvestment Act (CRA) and Workforce Innovation and Opportunity Act (WOIA) serve as unique opportunities for financial institutions and workforce entities to develop partnerships around mutual goals.