12 USC 5623 - Expanded access to mainstream financial institutions

U.S Code last checked for updates: Nov 22, 2024

§ 5623.

Expanded access to mainstream financial institutions

(a)

In general

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.

(b)

Program eligibility and activities

(1)

In general

(2)

Account activities

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.

(Pub. L. 111–203, title XII, § 1204, July 21, 2010, 124 Stat. 2130.)

cite as: 12 USC 5623