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 other target groups, such as people with disabilities, people dependent on public support, and individuals formerly involved with the justice system.	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.