---
kind: "section"
citation: "12 U.S.C. § 5623"
title: "12"
title_heading: "Banks and Banking"
number: "5623"
heading: "Expanded access to mainstream financial institutions"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/5623"
units:
  - "Chapter 53 — Wall Street Reform and Consumer Protection"
  - "Subchapter VII — Improving Access to Mainstream Financial Institutions"
---

# §5623. Expanded access to mainstream financial institutions

- (a) **In general—** The [Secretary](/usc/12/5301.md?p=14) 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](/usc/12/5622.md?p=1) in a [federally insured depository institution](/usc/12/5622.md?p=4) that are appropriate to meet the financial needs of such individuals; and
  - (2) to improve access to the provision of [accounts](/usc/12/5622.md?p=1), on reasonable terms, for low- and moderate-income individuals.
- (b) **Program eligibility and activities—**
  - (1) **In general—** The [Secretary](/usc/12/5301.md?p=14) shall restrict participation in any program established under [subsection (a)](#a) to an [eligible entity](/usc/12/5622.md?p=3). Subject to regulations prescribed by the [Secretary](/usc/12/5301.md?p=14) under this subchapter, 1 or more [eligible entities](/usc/12/5622.md?p=3) may participate in 1 or several programs established under [subsection (a)](#a).
  - (2) **Account activities—** Subject to regulations prescribed by the [Secretary](/usc/12/5301.md?p=14), an [eligible entity](/usc/12/5622.md?p=3) may, in participating in a program established under [subsection (a)](#a), offer or provide to low- and moderate-income individuals products and services relating to [accounts](/usc/12/5622.md?p=1), [including](/usc/12/5301.md?p=18-A)—
    - (A) small-dollar value loans; and
    - (B) financial education and counseling relating to conducting transactions in and managing [accounts](/usc/12/5622.md?p=1).

## Source credit

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

## Notes

### Editorial Notes

### 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.