; (B) by striking programs. and inserting programs; and ; and (C) by adding at the end the following: (B) shall use such funds for the grant program established by the Consumer Financial Education and Empowerment Act. . (f) Financial Literacy and Education Commission report Not later than 2 years after the Director establishes the program under subsection (a), and every 5 years thereafter, the Financial Literacy and Education Commission shall submit to Congress and the Director a report that provides recommendations on how to improve such program. (g) Definitions In this section: (1) Allocation period The term allocation period means the biannual allocation period of funds to a class of victims that occurs according to the schedule established pursuant to section 1075.105(b) of title 12, Code of Federal Regulations (or any successor regulation). (2) Commission The term Commission means the Financial Literacy and Education Commission, established under title V of the Fair and Accurate Credit Transactions Act of 2003 ( 20 U.S.C. 9701 et seq.). (3) Director The term Director means the Director of the Bureau of Consumer Financial Protection. (4) Eligible entity The term eligible entity means— (A) a State government, local government, or agency of a State or local government; or (B) a nonprofit organization that— (i) has knowledge of personal financial management; (ii) has experience providing financial education; and (iii) has a history of achieving goals and objectives of financial literacy programs. (5) Nonprofit organization The term nonprofit organization means an organization that is described in section 501(c)(3) of the Internal Revenue Code of 1986 ( 26 U.S.C. 501(c)(3) ) and is exempt from taxation under section 501(a) of such Code. (6) State The term State means each State of the United States, the District of Columbia, each territory or possession of the United States, and each federally recognized Indian Tribe.