((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.