Workforce and Bank Partnerships: Tales of Three Workforce Boards

The U.S. Department of Labor (DOL) is interested in strategies to build capacity within the workforce system to leverage Community Reinvestment Act (CRA) efforts through bank investment in disability employment for low- and moderate-income (LMI) individuals, especially for people from underserved communities. To do this, they entered into a contract with National Disability Institute and Social Policy Research Associates through the LEAD WIOA Policy Development Center (LEAD Center).

The CRA, passed into law in 1977, encourages financial institutions to conduct activities, including workforce development-related activities, which benefit LMI individuals. In 2021, the LEAD Center partnered with three workforce development boards to build workforce and bank pilots in Albany, NY; Kalamazoo, MI; and Fort Lauderdale, FL. All three sites were located with local workforce boards, though each focused on diverse activities and findings. The following three case examples from these pilot sites highlight effective strategies for implementing workforce development activities that meet banks’ CRA obligations.

Albany, NY

Building Career Pathways to Meet Demands of the Financial Service Sector

Capital Region Workforce Development Board focused on enhancing and strengthening financial services career pathways. The Pilot Leadership Team worked with bank partners to identify a career pathway that led from an entry level teller position to a mid-level loan reviewer position that targeted LMI applicants in historically underserved demographics. Capital Region Workforce Development connected with their local Bank On coalition and the Creating Assets, Savings and Hope (CA$H) Coalition to create a connection with financial institutions. Additionally, the pilot leadership team educated underserved communities on careers within the financial services sector which, in turn, created an additional pipeline for banks to recruit individuals. The pilot continues its work by hosting a financial service roundtable to identify further the needs of financial institutions and the opportunity to build career pathways in the financial services sector.

Kalamazoo, MI

Enhancing Jobseekers’ Success with Financial Literacy Workshops

Michigan Works Southwest developed a financial literacy workshop series held on a biweekly basis for jobseekers. The financial literacy workshops were led by a CRA officer of a local bank. A total of eight workshops were offered with 80 attendees. Michigan Works Southwest also worked with the local CRA Alliance to provide food for workshop attendees. A key strategy for the workshops included sessions co-facilitated with a career coach and CRA officer. Topics included identity theft, learning about credit scores, and getting out of debt. The financial literacy workshops are continuing with the youth programs.

Fort Lauderdale, Florida

Creating Partnerships with Diverse Stakeholders to Build Bank Partnerships

CareerSource Broward focused on developing new partnerships to enhance and strengthen the financial services career pathway and to increase the financial capability of LMI adults. The new partnerships included having a bank representative serve on their board of directors, the financial institution providing financial education workshops, and building relationships with the federal bank regulators (Federal Deposit Insurance Corporation-FDIC and Office of the Comptroller of the Currency-OCC). The relationships with the bank regulators created new connections with financial institutions and advised them on the approach to working with banks. CareerSource Broward continues to work with the federal regulators by participating in community events with the bank regulators.