The conference, a collaboration among the New York Fed, Boston Fed and Region 1 of the U.S. Department of Labor Employment & Training Administration, included representatives of nonprofits, financial institutions, government agencies and regulators from the Fed’s 1st and 2nd Districts. Speakers addressed financial inclusion, strategies for partnership development and examples of workforce entities collaborating with financial institutions.
Among the key takeaways, participants concluded that the Community Reinvestment Act (CRA) and Workforce Innovation and Opportunity Act (WOIA) serve as unique opportunities for financial institutions and workforce entities to explore mutual goals and develop partnerships. Participants found that developing content that is relevant to different audiences is difficult for financial institutions without support from community-based organizations, and that financial institutions are open to exploring ways to partner with employers to add financial capability support into employee benefits packages.
Looking forward, the New York Fed will continue to explore ways to utilize the CRA and WOIA framework to strengthen communities in our region. An event summary report containing information collected from poll questions and discussions will be posted here in the coming weeks.