2018 US Code
Title 12 - Banks and Banking
Chapter 53 - Wall Street Reform and Consumer Protection
Subchapter VII - Improving Access to Mainstream Financial Institutions
Sec. 5623 - Expanded access to mainstream financial institutions
| 12 U.S.C. § 5623 (2018) |
| §5623. Expanded access to mainstream financial institutions |
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(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. 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— (A) small-dollar value loans; and (B) financial education and counseling relating to conducting transactions in and managing accounts. |
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(Pub. L. 111–203, title XII, §1204, July 21, 2010, 124 Stat. 2130.) |
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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. |
| United States Code, 2018 Edition, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 53 - WALL STREET REFORM AND CONSUMER PROTECTION SUBCHAPTER VII - IMPROVING ACCESS TO MAINSTREAM FINANCIAL INSTITUTIONS Sec. 5623 - Expanded access to mainstream financial institutions |
| section 5623 |
| 2018 |
| January 14, 2019 |
| No |
| standard |
| 124 Stat. 2130, 2129 |
| Public Law 111-203 |
