Advancing the Mentor-Protégé Program for Small Financial Institutions Act
Sponsored By: Representative Beatty, Joyce [D-OH-3]
Passed House
Summary
Treasury Financial Agent Mentor-Protege Program would pair big banks or designated financial agents with smaller, minority, and rural lenders to help them prepare to serve as federal financial agents and to strengthen customer services. It sets asset-based definitions, requires annual outreach, allows exclusions, and mandates reporting to Congress on participation and outreach events.
Show full summary
- Small financial institutions would get mentorship to prepare to act as federal financial agents or to expand customer services. "Small" covers entities with up to $2 billion in assets, minority depository institutions, and rural depository institutions with under $10 billion in assets.
- Large institutions and designated financial agents could serve as mentors to build capacity at smaller firms. A "large financial institution" is defined as one with $50 billion or more in total consolidated assets or a national bank designated as a financial agent.
- The Department of the Treasury would run the program, hold outreach at least once a year, issue guidance or rules for excluding participants, and report to Congress the number of participants and the number of outreach events. The program would take effect 90 days after enactment.
Your PRIA Score
Personalized for You
How does this bill affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this bill and every other piece of legislation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Mentors for small banks and credit unions
This bill would create a Treasury-run mentor program for small financial institutions. A government financial agent or a large institution (assets of $50 billion or more) would mentor a small institution. A small institution would mean one with $2 billion or less in assets, or a minority depository institution, or a rural depository institution. A rural depository institution would have under $10 billion in assets and be in a rural area under 12 CFR 1026.35(b)(2)(iv)(A). Mentoring would help small institutions prepare to serve as federal financial agents or improve services for customers. Treasury would hold at least one outreach event each year, set rules to exclude participants when needed, and report each year to Congress on participation and outreach. If enacted, 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.
View on Congress.gov