The purpose of this title is to encourage initiatives for financial products and services that are appropriate and accessible for millions of Americans who are not fully incorporated into the financial mainstream.

Expanded Access to Mainstream Financial Institutions

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
• to improve access to the provision of accounts, on reasonable terms, for low- and moderate-income individuals.

Program Activities

Subject to regulations prescribed by the Secretary, an eligible entity may, in participating in

a program, 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.

Low-cost Alternatives to Small Dollar Loans