To provide an incentive system for banks and thrifts to extend credit, take deposits, and to locate in distressed neighborhoods, and for other purposes.

Directs the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation to establish minimum requirements for accounts providing basic consumer depository services in order for such accounts to qualify as lifeline accounts.

Provides assessment credits for qualifying depository institution activities in distressed communities.

Establishes the Community Enterprise Assessment Credit Board.

Authorizes a depository institution located in a distressed community to sell insurance under specified conditions.