[Federal Register Volume 76, Number 177 (Tuesday, September 13, 2011)]
[Notices]
[Pages 56499-56500]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-23235]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY


Financial Access Activities; Comment Request.

AGENCY: Department of the Treasury.

ACTION: Notice and request for public comment.

-----------------------------------------------------------------------

SUMMARY: This notice invites comments from the public regarding how the 
Treasury's Office of Financial Education and Financial Access (OFEFA) 
can design, implement and administer certain financial access 
activities authorized in section 1204 of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (the Act), to expand access to 
mainstream financial institutions. Section 1204 authorizes Treasury to 
establish a multi-year program of grants, cooperative agreements, 
financial agency agreements and similar projects and undertakings, 
subject to availability of funding.

DATES: All comments and submissions must be received by November 14, 
2011.

ADDRESSES: Comments may be sent by mail to: Louisa Quittman, Office of 
Financial Education and Financial Access, U.S. Department of the 
Treasury, 1500 Pennsylvania Ave., NW., Washington, DC 20220 or by e-
mail to: [email protected], by facsimile to (202) 622-6243. Please note 
this is not a toll free number. In general, OFEFA will make all 
comments and materials submitted available in their original format, 
including any business or personal information provided such as names, 
addresses, e-mail addresses, or telephone numbers, for public 
inspection and photocopying in the Department's library, Room 1428, 
Main Treasury Building, 1500 Pennsylvania Avenue, NW., Washington, DC 
20220, on official business days between the hours of 10 a.m. and 5 
p.m. You can make an appointment to inspect

[[Page 56500]]

comments by calling (202) 622-0990. You should only submit information 
that you wish to make publicly available.

FOR FURTHER INFORMATION CONTACT: Information about OFEFA can be found 
at http://www.ustreas.gov/offices/domestic-finance/financial-institution/fin-education. You may also contact Louisa Quittman, 
Director of Community Programs, U.S. Department of the Treasury, 1500 
Pennsylvania Avenue, Washington, DC 20220 at (202) 622-5770 or 
[email protected].

SUPPLEMENTARY INFORMATION: Section 1204 of Title XII of the Act 
authorizes the Secretary of the Treasury to establish a multi-year 
program of grants, cooperative agreements, financial agency agreements, 
and similar contracts or undertakings to promote initiatives designed 
to: (1) 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) 
improve access to the provision of such accounts, on reasonable terms, 
for low- and moderate-income individuals. Section 1204 also authorizes, 
subject to regulations prescribed by Treasury, recipients of such 
grants or cooperative agreements to provide low- and moderate-income 
individuals with small-dollar value loans and financial education and 
counseling relating to conducting transactions in and managing 
accounts.\1\
---------------------------------------------------------------------------

    \1\ 12 U.S.C. 5623.
---------------------------------------------------------------------------

    The Treasury expects to develop and implement activities to enable 
eligible entities to develop and provide account products and services 
that are appropriate and accessible for low- and moderate- income 
individuals who are not fully incorporated into the financial 
mainstream.
    OFEFA invites comments and suggestions on potential activities, 
particularly those activities that may not require additional 
appropriations. OFEFA is particularly interested in comments in the 
following areas:

(1) Program Focus

    Section 1204(a) of the Act states that the Secretary is authorized 
to establish a multi-year program of grants, cooperative agreements, 
financial agency agreements, or similar contracts or undertakings to 
promote initiatives designed to: (1) 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 need 
of such individuals; and (2) improve access to the provision of 
accounts, on reasonable terms, for low- and moderate-income 
individuals. The Treasury welcomes comments on issues related to the 
purpose and intent of the section 1204 program, particularly with 
respect to the following questions:
    (a) What types of program initiatives should the Treasury promote 
to enable low- and moderate-income individuals to establish accounts in 
federally insured depository institutions?
    (b) How should the Treasury evaluate whether an account in a 
federally insured depository institution is ``appropriate'' to meet the 
financial needs of low- and moderate-income individuals? What account 
features and terms are ``reasonable'' to meet the financial needs of 
low- and moderate-income individuals in an appropriate manner?
    (c) What level of financial access should be the desired outcome of 
such initiatives? What other measures of success of the initiatives 
should be considered?
    (d) How can the Treasury enable, enhance and assist local, 
regional, and state start-up collaborations that incorporate low- and 
moderate- income individuals into the financial mainstream? How can 
existing collaborations be supported to expand or improve their 
financial access efforts? How could meaningful innovations be fostered 
by these collaborations?
    (e) How could the Treasury best encourage high-quality financial 
education and counseling relating to conducting transactions in and 
managing accounts?
    (f) What could be done to promote innovation within the development 
of sustainable financial services and products related to accounts? Are 
there opportunities for innovation in account products, services, 
delivery channels, or other areas that could be effectively addressed 
through the use of prizes, awards, and competitions? If so, what prizes 
or awards would be necessary to help promote account innovations?

(2) General Comments

    The Treasury is interested in comments on how it can encourage 
activities that enable low- and moderate-income individuals to 
establish one or more accounts in a federally insured depository 
institution and to improve access to the provision of such accounts. 
Additionally, we are interested in comments regarding other ways (in 
addition to the provision of accounts in federally insured depository 
institutions) for the Treasury to consider helping individuals obtain 
access to accounts with appropriate consumer protections and federal 
deposit insurance. Lastly, we are interested in comments on what should 
be done to support innovative approaches to the delivery of financial 
education and counseling to increase the financial capability of 
individuals and families more broadly?

    Dated: August 30, 2011.
Rebecca Ewing,
Acting Executive Secretary.
[FR Doc. 2011-23235 Filed 9-12-11; 8:45 am]
BILLING CODE 4810-25-P