A more thorough explanation:

Definition: Title XII is a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act that aims to provide low-to-moderate income individuals in the United States with access to mainstream financial products and services. It authorizes the Secretary of the United States Department of the Treasury to create grant programs that encourage these individuals to use federally insured banks and credit unions instead of relying on non-traditional financial products and services, such as payday loans and cash advances.

Example: Let's say that John is a low-income individual who has been using payday loans to cover his expenses. Through Title XII, John can receive financial counseling and education to help him manage his money better. He can also apply for small-dollar loans from participating institutions that offer reasonable terms and conditions. By using these services, John can avoid the high interest rates and fees associated with payday loans and improve his financial situation.

Explanation: Title XII aims to reduce the reliance of low-to-moderate income individuals on non-traditional financial products and services that can be predatory. By providing access to mainstream financial institutions and offering small-dollar loans with reasonable terms, Title XII helps individuals like John manage their finances better and avoid falling into debt traps. This can lead to greater financial stability and security for these individuals and their families.