§ 5623 — Expanded Access To Mainstream Financial Institutions

(a) The Secretary is authorized to establish a multiyear program of grants, cooperative agreements, financial agency agreements, and similar contracts or undertakings to promote initiatives designed— (1) to enable low- and moderate-income individuals to establish one or more accounts in a federally insured depository institution that are appropriate to meet the financial needs of such individuals; and (2) to improve access to the provision of accounts, on reasonable terms, for low- and moderate-income individuals. (1) The Secretary shall restrict participation in any program established under subsection (a) to an eligible entity. Subject to regulations prescribed by the Secretary under this subchapter, 1 or more eligible entities may participate in 1 or several programs established under subsection (a). (2) Subject to regulations prescribed by the Secretary, an eligible entity may, in participating in a program established under subsection (a), offer or provide to low- and moderate-income individuals products and services relating to accounts, including— (A) small-dollar value loans; and (B) financial education and counseling relating to conducting transactions in and managing accounts.