12 U.S.C. § 5623: Expanded access to mainstream financial institutions

12 U.S.C. 5623: Expanded access to mainstream financial institutionsText contains those laws in effect through Public Law 119-120 (October 7, 2026).

From Title 12-BANKS AND BANKINGCHAPTER 53-WALL STREET REFORM AND CONSUMER PROTECTION

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§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

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) 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 .)

Editorial Notes

References in Text

This subchapter, referred to in subsec. (b)(1), was in the original “this title”, meaning title XII of Pub. L. 111–203, July 21, 2010, 124 Stat. 2129, known as the Improving Access to Mainstream Financial Institutions Act of 2010, which is classified principally to this subchapter. For complete classification of title XII to the Code, see Short Title note set out under section 5301 of this title and Tables.