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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Improving Access to Mainstream
Financial Institutions Act of 2008''.

SEC. 2. DEFINITIONS.

In this Act, the following definitions shall apply:
(1) Alaska native corporation.--The term ''Alaska Native
Corporation'' has the same meaning as the term ''Native
Corporation'' under section 3(m) of the Alaska Native Claims
Settlement Act (43 U.S.C. 1602(m)).
(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) 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)).
(4) Labor organization.--The term ''labor organization''
means an organization--
(A) in which employees participate;
(B) which exists for the purpose, in whole or in
part, of dealing with employers concerning grievances,
labor disputes, wages, rates of pay, hours of
employment, or conditions of work; and
(C) which is described in section 501(c)(5) of the
Internal Revenue Code of 1986.
(5) Native hawaiian organization.--The term ''Native
Hawaiian organization'' means any organization that--
(A) serves and represents the interests of Native
Hawaiians; and
(B) has as a primary and stated purpose, the
provision of services to Native Hawaiians.
(6) Payday loan.--The term ''payday loan'' means any
transaction in which a small cash advance is made to a consumer
in exchange for--
(A) the personal check or share draft of the
consumer, in the amount of the advance plus a fee,
where presentment or negotiation of such check or share
draft is deferred by agreement of the parties until a
designated future date; or
(B) the authorization of the consumer to debit the
transaction account or share draft account of the
consumer, in the amount of the advance plus a fee,
where such account will be debited on or after a
designated future date.
(7) Secretary.--The term ''Secretary'' means the Secretary
of the Treasury.
(8) Tribal organization.--The term ''tribal organization''
has the same meaning as in section 4 of the Indian Self-
Determination and Education Assistance Act (25 U.S.C. 450b).

SEC. 3. EXPANDED ACCESS TO MAINSTREAM FINANCIAL INSTITUTIONS.

(a) Establishment of Program.--The Secretary is authorized to award
grants, including multi-year grants, to eligible entities to establish
an account in a federally insured depository institution for low- and
moderate-income individuals that currently do not have such an account.
(b) Eligible Entities.--An entity is eligible to receive a grant
under this section, if such an entity is--
(1) an organization described in section 501(c)(3) of the
Internal Revenue Code of 1986, and is exempt from taxation
under section 501(a) of such Code;
(2) a federally insured depository institution;
(3) an agency of a State or local government;
(4) a community development financial institution;
(5) an Indian tribal organization;
(6) an Alaska Native Corporation;
(7) a Native Hawaiian organization;
(8) a labor organization; or
(9) a partnership comprised of 1 or more of the entities
described in the preceding subparagraphs.
(c) Evaluation and Reports to Congress.--For each fiscal year in
which a grant is awarded under this section, the Secretary shall submit
a report to Congress containing a description of the activities funded,
amounts distributed, and measurable results, as appropriate and
available.

SEC. 4. LOW COST ALTERNATIVES TO PAYDAY LOANS.

(a) Establishment of Program.--The Secretary is authorized to award
demonstration project grants (including multi-year grants) to eligible
entities to provide low-cost, small loans to consumers that will
provide alternatives to more costly, predatory payday loans.
(b) Eligible Entities.--An entity is eligible to receive a grant
under this section if such an entity is--
(1) 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;
(2) a federally insured depository institution;
(3) a community development financial institution; or
(4) a partnership comprised of 1 or more of the entities
described in paragraphs (1) through (3).
(c) Terms and Conditions.--
(1) Percentage rate.--For purposes of this section, an
eligible entity that is a federally insured depository
institution shall be subject to the annual percentage rate
promulgated by the National Credit Union Administration's Loan
Interest Rates under part 701 of title 12, Code of Federal
Regulations (or any successor thereto), in connection with a
loan provided to a consumer pursuant to this section.
(2) Financial literacy and education opportunities.--Each
eligible entity awarded a grant under this section shall offer
financial literacy and education opportunities, such as
relevant counseling services or educational courses, to each
consumer provided with a loan pursuant to this section.
(d) Evaluation and Reports to Congress.--For each fiscal year in
which a grant is awarded under this section, the Secretary shall submit
a report to Congress containing a description of the activities funded,
amounts distributed, and measurable results, as appropriate and
available.

SEC. 5. PROCEDURAL PROVISIONS.

(a) Applications.--A person desiring a grant under section 3 or 4
shall submit an application to the Secretary, in such form and
containing such information as the Secretary may require.
(b) Limitation on Administrative Costs.--A recipient of a grant
under section 3 or 4 may use not more than 6 percent of the total
amount of such grant in any fiscal year for the administrative costs of
carrying out the programs funded by such grant in such fiscal year.

SEC. 6. AUTHORIZATION OF APPROPRIATIONS.

There are authorized to be appropriated to the Secretary, such sums
as are necessary to carry out the grant programs authorized by this
Act, to remain available until expended.

SEC. 7. REGULATIONS.

The Secretary is authorized to promulgate regulations to implement
and administer the grant programs authorized by this Act.
Output:
Improving Access to Mainstream Financial Institutions Act of 2008 - Authorizes the Secretary of the Treasury to award grants, including multi-year grants, to specified eligible entities to establish an account in a federally insured depository institution for low- and moderate-income individuals who currently do not have such an account. Includes among such eligible entities: (1) Alaska Native Corporations; (2) Native Hawaiian organizations; and (3) labor organizations.

Authorizes the Secretary to award demonstration project grants to eligible entities to provide low-cost, small loans to consumers that will provide alternatives to more costly, predatory payday loans. Requires such entities to be: (1) tax-exempt charitable organizations; (2) federally insured depository institutions; (3) community development financial institutions; or (4) partnerships comprised of one or more of such entities. Requires grant recipients to offer financial literacy and education opportunities to each consumer provided with a loan pursuant to this Act.