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12 USC § 5623 - Expanded access to mainstream financial institutions 

---
identifier: "/us/usc/t12/s5623"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 5623 - Expanded access to mainstream financial institutions"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "5623"
section_name: "Expanded access to mainstream financial institutions"
chapter_number: 53
chapter_name: "WALL STREET REFORM AND CONSUMER PROTECTION"
subchapter_number: "VII"
subchapter_name: "IMPROVING ACCESS TO MAINSTREAM FINANCIAL INSTITUTIONS"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Pub. L. 111–203, title XII, § 1204, July 21, 2010, 124 Stat. 2130.)"
---

# § 5623. Expanded access to mainstream financial institutions

**(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.

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**Source Credit**: (Pub. L. 111–203, title XII, § 1204, July 21, 2010, 124 Stat. 2130.)

## Editorial Notes

### References in Text

This subchapter, referred to in subsec. (b)(1), was in the original “this title”, meaning title XII of , , , 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  and Tables.