12-U.S.C.-5623
§5623 – Expanded Access to Mainstream Financial Institutions
Pathway
Title 12 > Chapter 53 > Subchapter VII > Section 5623
Details
- Reference: Section 5623
- Legend: §5623 – Expanded Access to Mainstream Financial Institutions
- USCode Year: 2013
Provision Content
(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.)
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.
U.S. Encyclopedia of Law Coverage
Subchapter VII – Improving Access To Mainstream Financial Institutions in the Legal Encyclopedia: Banking Law
In this entry about Subchapter VII – Improving Access To Mainstream Financial Institutions, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-5481 in the Legal Encyclopedia: Banking Reform
In this entry about 12-U.S.C.-5481, find legal reference material, bibliographies and premiere content related to banking reform in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking reform-specific issues, written by authorities in the field.
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