Office of the Assistant Secretary for Financial Institutions; Notice of Funds Availability (NOFA) Inviting Applications for the First Accounts Program

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The Consolidated Appropriations Act, 2001 (Public Law 106-554, 114 Stat. 2763, 2763A-126) and the Department of Transportation and Related Agencies Appropriations Act, 2001 (Public Law 106-346, 114 Stat. 1356, 1356A-44) appropriated funds to the Department of the Treasury ("Treasury") to develop and implement programs to expand access to financial services for low- and moderate-income individuals (the "First Accounts Program"). This NOFA invites grant applications from eligible entities that will either directly, or through one or more insured depository institutions/insured credit unions, provide low-cost electronic, checking, or other types of accounts to low- and moderate-income individuals who currently do not have an account with an insured depository institution or an insured credit union. The paramount goal of the First Accounts Program grants to be awarded under this NOFA is to move a maximum number of "unbanked" low- and moderate-income individuals to a "banked" status with either an insured depository institution or an insured credit union. Treasury intends to award up to $8 million in appropriated funds under this NOFA. Treasury reserves the right to award in excess of $