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account (including a money market savings account), an account for a closed-end loan, and other products or services, as the Secretary deems appropriate. (2) COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION.— The term ‘‘community development financial institution’’ has the same meaning as in section 103(5) of the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4702(5)). (3) ELIGIBLE ENTITY.—The term ‘‘eligible entity’’ means— (A) an organization described in section 501(c)(3) of the Internal Revenue Code of 1986, and exempt from tax under section 501(a) of such Code; (B) a federally insured depository institution; (C) a community development financial institution; (D) a State, local, or tribal government entity; or (E) a partnership or other joint venture comprised of 1 or more of the entities described in subparagraphs (A) through (D), in accordance with regulations prescribed by the Secretary under this title. (4) FEDERALLY INSURED DEPOSITORY INSTITUTION.—The term ‘‘federally insured depository institution’’ means any insured depository institution (as that term is defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)) and any insured credit union (as that term is defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752)).

12 USC 5623. SEC. 1204. EXPANDED ACCESS TO MAINSTREAM FINANCIAL INSTITU-
TIONS.
Grants. (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 pro-
mote 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 reason-
able 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 title, 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 con-
ducting transactions in and managing accounts.

12 USC 5624. SEC. 1205. LOW-COST ALTERNATIVES TO SMALL DOLLAR LOANS.
(a) GRANTS AUTHORIZED.—The Secretary is authorized to estab-

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