How Workforce Systems Can Leverage Bank Resources to Enhance the Lives of Low- and Moderate-Income Individuals

Unemployed and underemployed individuals are likely to have inadequate access to financial institutions’ services. According to the FDIC, they are often hindered from using banking services by required minimum daily checking balances, poor credit, low availability of bank branches in some communities, and other reasons, making them more susceptible to predatory lending practices. Black, Indigenous, and other people of color with disabilities are less likely to access traditional banking services than their white counterparts, and they also experience higher rates of unemployment.

In this webinar, attendees learned about a 1977 federal law called the Community Reinvestment Act (CRA) that encourages banks to conduct activities and make investments to benefit low- and moderate-income individuals and neighborhoods, including workforce development-related activities for people with disabilities. Subject-matter experts and seasoned workforce professionals from the field discussed how to leverage the CRA to provide financial coaching, financial assistance for entrepreneurs, workforce training, credit assistance, career preparation, and other activities. Speakers included Steven Shepelwich from the Federal Reserve Bank of Kansas City, Melanie Magill from CareerSource Broward, Florida, and Seema Jain from Northern Virginia Career Works.