Workforce System and Banks: Common Characteristics
| Workforce System | Common Characteristics | Banks |
|---|---|---|
| The Workforce Innovation and Opportunity Act (WIOA) promotes alignment of workforce development programs with regional economic development strategies. |
Legislation | The Community Reinvestment Act (CRA) encourages banks to meet the credit needs of the communities they serve. |
| The workforce system focuses on low- and moderate-income (LMI) and underserved populations, such as people with disabilities, people dependent on public support, individuals formerly involved with the justice system, and communities of color. | Service Populations | Banks, through the CRA, focus on low- and moderate-income individuals and neighborhoods. |
| Workforce development strategies develop talent and skills, connect employers and workers, and facilitate career mobility. | Service Emphasis |
The CRA requires banks to engage in community development activities (i.e., services, investments, and loans), often benefiting the workforce development system. |
| The workforce system can leverage bank resources to improve economic self-sufficiency and employment outcomes for low- and moderate-income individuals. | Common Activities |
Economic development initiatives include provisions for creating or improving access by low- and moderate-income individuals to jobs, job training, and supportive services. |