[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3709 Reported in House (RH)]
<DOC>
Union Calendar No. 168
119th CONGRESS
1st Session
H. R. 3709
[Report No. 119-205]
To amend the Financial Institutions Reform, Recovery, and Enforcement
Act of 1989 to establish a Financial Agent Mentor-Protege Program
within the Department of the Treasury, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 4, 2025
Mrs. Beatty introduced the following bill; which was referred to the
Committee on Financial Services
July 15, 2025
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed
in italic]
[For text of introduced bill, see copy of bill as introduced on June 4,
2025]
_______________________________________________________________________
A BILL
To amend the Financial Institutions Reform, Recovery, and Enforcement
Act of 1989 to establish a Financial Agent Mentor-Protege Program
within the Department of the Treasury, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Advancing the Mentor-Protege Program
for Small Financial Institutions Act''.
SEC. 2. ESTABLISHMENT OF FINANCIAL AGENT MENTOR-PROTEGE PROGRAM.
(a) In General.--Section 308 of the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 note) is amended
by adding at the end the following new subsection:
``(d) Financial Agent Mentor-Protege Program.--
``(1) In general.--The Secretary of the Treasury shall
establish a program to be known as the `Financial Agent Mentor-
Protege Program' (in this subsection referred to as the
`Program') under which a financial agent designated by the
Secretary or a large financial institution may serve as a
mentor, under guidance or regulations prescribed by the
Secretary, to a small financial institution to allow such small
financial institution--
``(A) to be prepared to perform as a financial
agent; or
``(B) to improve capacity to provide services to
the customers of the small financial institution.
``(2) Outreach.--The Secretary shall hold outreach events
to promote the participation of financial agents, large
financial institutions, and small financial institutions in the
Program at least once a year.
``(3) Exclusion.--The Secretary shall issue guidance or
regulations to establish a process under which a financial
agent, large financial institution, or small financial
institution may be excluded from participation in the Program.
``(4) Report.--The Office of Minority and Women Inclusion
of the Department of the Treasury shall include in the report
submitted to Congress under section 342(e) of the Dodd-Frank
Wall Street Reform and Consumer Protection Act information
pertaining to the Program, including--
``(A) the number of financial agents, large
financial institutions, and small financial
institutions participating in such Program; and
``(B) the number of outreach events described in
paragraph (2) held during the year covered by such
report.
``(5) Definitions.--In this subsection:
``(A) Financial agent.--The term `financial agent'
means any national banking association designated by
the Secretary of the Treasury to be employed as a
financial agent of the Government.
``(B) Large financial institution.--The term `large
financial institution' means any entity regulated by
the Comptroller of the Currency, the Board of Governors
of the Federal Reserve System, the Federal Deposit
Insurance Corporation, or the National Credit Union
Administration that has total consolidated assets
greater than or equal to $50,000,000,000.
``(C) Rural depository institution.--The term
`rural depository institution' means a depository
institution (as defined in section 3 of the Federal
Deposit Insurance Act)--
``(i) with total consolidated assets of
less than $10,000,000,000; and
``(ii) located in a rural area, as defined
under section 1026.35(b)(2)(iv)(A) of title 12,
Code of Federal Regulations.
``(D) Small financial institution.--The term `small
financial institution' means--
``(i) any entity regulated by the
Comptroller of the Currency, the Board of
Governors of the Federal Reserve System, the
Federal Deposit Insurance Corporation, or the
National Credit Union Administration that has
total consolidated assets lesser than or equal
to $2,000,000,000;
``(ii) a minority depository institution;
or
``(iii) a rural depository institution.''.
(b) Effective Date.--This Act and the amendment made by this Act
shall take effect 90 days after the date of the enactment of this Act.
Union Calendar No. 168
119th CONGRESS
1st Session
H. R. 3709
[Report No. 119-205]
_______________________________________________________________________
A BILL
To amend the Financial Institutions Reform, Recovery, and Enforcement
Act of 1989 to establish a Financial Agent Mentor-Protege Program
within the Department of the Treasury, and for other purposes.
_______________________________________________________________________
July 15, 2025
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed