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119-hr-3709119th CongressWALLET

Advancing the Mentor-Protégé Program for Small Financial Institutions Act

Sponsored By: Representative Beatty, Joyce [D-OH-3]

Passed House

Summary

Creates a Financial Agent Mentor‑Protege Program to pair designated government financial agents or big banks with smaller banks and credit unions so they can build capacity to act as financial agents or expand customer services. Treasury would run the program under rules it issues and set participant exclusions.

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  • Small financial institutions, including minority depository institutions and rural depository institutions, would be eligible to receive mentoring to prepare to serve as government financial agents or to improve service capacity.
  • Large financial institutions and any national banking association designated as a financial agent could serve as mentors under Treasury guidance, with eligibility tied to asset size thresholds like $50 billion for large institutions and $2 billion for small institutions.
  • The Secretary of the Treasury would conduct outreach at least once per year, create an exclusion process, and report to Congress on participation counts and outreach events. The program would take effect 90 days after enactment.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

New mentor program for small banks and credit unions

The Treasury would set up a mentor-protege program for small financial institutions. A designated government financial agent or a large bank (assets of $50 billion or more) would be able to mentor a small bank or credit union. A small financial institution would mean one with $2 billion or less in assets, or a minority depository institution, or a rural depository institution (under $10 billion in assets in a rural area under federal rules). The program would help small institutions get ready to serve as government financial agents and improve service to their customers. Treasury would hold outreach at least once a year, set guidance and an exclusion process, and report each year to Congress on participant counts and outreach events. The program would start 90 days after enactment.

Sponsors & CoSponsors

Sponsor

Beatty, Joyce [D-OH-3]

OH • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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