§ 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.
• (b)
  • (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.