  title xii improving access to mainstream financial institutions  sec 1201 short title  this title may be cited as the improving access to mainstream financial institutions act of 2010    sec 1202 purpose  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    sec 1203 definitions  in this title, the following definitions shall apply  1 account the term account means an agreement between an individual and an eligible entity under which the individual obtains from or through the entity 1 or more banking products and services, and includes a deposit account, a savings 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 usc 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 usc 1813 and any insured credit union as that term is defined in section 101 of the federal credit union act 12 usc 1752     sec 1204 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 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 conducting transactions in and managing accounts      sec 1205 low-cost alternatives to small dollar loans  a grants authorized the secretary is authorized to establish multiyear demonstration programs by means of grants, cooperative agreements, financial agency agreements, and similar contracts or undertakings, with eligible entities to provide low-cost, small loans to consumers that will provide alternatives to more costly small dollar loans   b terms and conditions  1 in general loans under this section shall be made on terms and conditions, and pursuant to lending practices, that are reasonable for consumers   2 financial literacy and education opportunities  a in general each eligible entity awarded a grant under this section shall promote and take appropriate steps to ensure the provision of financial literacy and education opportunities, such as relevant counseling services, educational courses, or wealth building programs, to each consumer provided with a loan pursuant to this section   b authority to expand access as part of the grants, agreements, and undertakings established under this section, the secretary may implement reasonable measures or programs designed to expand access to financial literacy and education opportunities, including relevant counseling services, educational courses, or wealth building programs to be provided to individuals who obtain loans from eligible entities under this section      sec 1206 grants to establish loan-loss reserve funds  the community development banking and financial institutions act of 1994 12 usc 4701 et seq is amended by adding at the end the following  sec 122 grants to establish loan-loss reserve funds  a purposes the purposes of this section are  1 to make financial assistance available from the fund in order to help community development financial institutions defray the costs of operating small dollar loan programs, by providing the amounts necessary for such institutions to establish their own loan loss reserve funds to mitigate some of the losses on such small dollar loan programs and   2 to encourage community development financial institutions to establish and maintain small dollar loan programs that would help give consumers access to mainstream financial institutions and combat high cost small dollar lending    b grants  1 loan-loss reserve fund grants the fund shall make grants to community development financial institutions or to any partnership between such community development financial institutions and any other federally insured depository institution with a primary mission to serve targeted investment areas, as such areas are defined under section 103 16 , to enable such institutions or any partnership of such institutions to establish a loan-loss reserve fund in order to defray the costs of a small dollar loan program established or maintained by such institution   2 matching requirement a community development financial institution or any partnership of institutions established pursuant to paragraph 1 shall provide non-federal matching funds in an amount equal to 50 percent of the amount of any grant received under this section   3 use of funds any grant amounts received by a community development financial institution or any partnership between or among such institutions under paragraph 1  a may not be used by such institution to provide direct loans to consumers   b may be used by such institution to help recapture a portion or all of a defaulted loan made under the small dollar loan program of such institution and   c may be used to designate and utilize a fiscal agent for services normally provided by such an agent    4 technical assistance grants the fund shall make technical assistance grants to community development financial institutions or any partnership between or among such institutions to support and maintain a small dollar loan program any grant amounts received under this paragraph may be used for technology, staff support, and other costs associated with establishing a small dollar loan program    c definitions for purposes of this section  1 the term consumer reporting agency that compiles and maintains files on consumers on a nationwide basis has the same meaning given such term in section 603 p of the fair credit reporting act 15 usc 1681a p and   2 the term small dollar loan program means a loan program wherein a community development financial institution or any partnership between or among such institutions offers loans to consumers that  a are made in amounts not exceeding $2,500   b must be repaid in installments   c have no pre-payment penalty   d the institution has to report payments regarding the loan to at least 1 of the consumer reporting agencies that compiles and maintains files on consumers on a nationwide basis and   e meet any other affordability requirements as may be established by the administrator         sec 1207 procedural provisions  an eligible entity desiring to participate in a program or obtain a grant under this title shall submit an application to the secretary, in such form and containing such information as the secretary may require    sec 1208 authorization of appropriations  a authorization to the secretary there are authorized to be appropriated to the secretary, such sums as are necessary to both administer and fund the programs and projects authorized by this title, to remain available until expended   b authorization to the fund there is authorized to be appropriated to the fund for each fiscal year beginning in fiscal year 2010, an amount equal to the amount of the administrative costs of the fund for the operation of the grant program established under this title    sec 1209 regulations  a in general the secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this title   b regulatory authority regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the secretary, are necessary or proper to effectuate the purposes of this title, to prevent circumvention or evasion of this title, or to facilitate compliance with this title    sec 1210 evaluation and reports to congress  for each fiscal year in which a program or project is carried out under this title, the secretary shall submit a report to the committee on banking, housing, and urban affairs of the senate and the committee on financial services of the house of representatives containing a description of the activities funded, amounts distributed, and measurable results, as appropriate and available    