12 U.S.C. § 5623 — Expanded access to mainstream financial institutions
submitted 16 years ago by Pub. L. 111-203 to r/title-12-BANKS-AND-BANKING · 182 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
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—
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
to improve access to the provision of accounts, on reasonable terms, for low- and moderate-income individuals.
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).
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—
small-dollar value loans; and
financial education and counseling relating to conducting transactions in and managing accounts.
Source credit: (Pub. L. 111–203, title XII, § 1204, July 21, 2010, 124 Stat. 2130.)
- 2010Enacted · Pub. L. 111-203 · 124 Stat. 2130
A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-203 on 2010-07-21.
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