4 Things About CRA That Workforce Boards Should Know

1

Banks and Workforce Systems Support Similar Populations

Through the Community Reinvestment Act (CRA), banks may engage in activities that support low- and moderate-income (LMI) individuals in attaining financial stability and workforce success. The workforce development system prioritizes a similar demographic.

2

Banks can Support Workforce Systems Through Services, Investments, and/or Lending

Banks may address CRA activities through any or all of the following approaches:

  • Services—bank staff involvement with the workforce system
  • Investments—qualified community development investments and grants that benefit the community
  • Lending—home mortgages as well as small business and community development lending

3

Banks can Receive Credit for Supporting Workforce Priorities

Banks can receive CRA credit for a wide variety of activities that have a positive impact for LMI individuals and align closely with the priorities of workforce development boards, including:

  • Serving on workforce development boards
  • Providing low-interest loans to LMI individuals to support career success
  • Providing staff expertise in financial capability training and workshops
  • Providing free tax preparation
  • Investing in workforce development training

4

Banks Value Workforce Program Data

Given CRA requirements, banks may have an interest in partnering with agencies and systems that are involved in community development. Banks value the ability of workforce partners to track and share data on the impact of bank activities. The data can create a meaningful platform for dialogue and activity between banks and workforce development boards.

Next: CRA Partnership FAQ →