Engaging Workforce Development: A Framework for Meeting CRA Obligations
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.
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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.