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

(a) In general. The Secretary may establish a multiyear program using grants, cooperative agreements, financial agency agreements, and similar contracts or arrangements. The program must 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 suitable for those individuals’ financial needs; and (2) to improve low- and moderate-income individuals’ access to accounts offered on reasonable terms. (b) Program eligibility and activities. (1) In general. The Secretary shall limit participation in a program established under subsection (a) to an eligible entity^*. Subject to regulations issued by the Secretary under this subchapter, one or more eligible entities may participate in one or more programs established under subsection (a). (2) Account^* activities. Subject to the Secretary’s regulations, an eligible entity participating in a program established under subsection (a) may 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 about conducting transactions in and managing accounts.