Advancing the Mentor-Protégé Program for Small Financial Institutions Act
Officially: “Advancing the Mentor-Protégé Program for Small Financial Institutions Act” Read the full text
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1Short title
This section gives the Act its official name: the Advancing the Mentor-Protégé Program for Small Financial Institutions Act.
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1. Short title This Act may be cited as the Advancing the Mentor-Protégé Program for Small Financial Institutions Act .
2Establishment of Financial Agent Mentor-Protégé Program
This section would add a new subsection to section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, creating a Financial Agent Mentor-Protégé Program at the Department of the Treasury. The Secretary of the Treasury would have to establish the Program. Under it, a financial agent designated by the Secretary, or a large financial institution, could serve as a mentor, under guidance or regulations the Secretary prescribes, to a small financial institution, so that the small financial institution can either become prepared to perform as a financial agent or improve its capacity to provide services to its customers. The Secretary would have to hold outreach events at least once a year to promote participation by financial agents, large financial institutions, and small financial institutions in the Program. The Secretary would also have to issue guidance or regulations setting up a process for excluding a financial agent, large financial institution, or small financial institution from the Program. The Treasury Department's Office of Minority and Women Inclusion would have to include information about the Program in the report it already submits to Congress under section 342(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, including the number of financial agents, large financial institutions, and small financial institutions participating in the Program and the number of outreach events held during the year covered by the report. The new subsection defines a financial agent as any national banking association the Secretary of the Treasury designates to be employed as a financial agent of the government. It defines a large financial institution as any entity regulated by the Comptroller of the Currency, the Federal Reserve Board, the FDIC, or the National Credit Union Administration that has total consolidated assets of $50,000,000,000 or more. It defines a rural depository institution as a depository institution, as defined in section 3 of the Federal Deposit Insurance Act, that has total consolidated assets of less than $10,000,000,000 and is located in a rural area as defined under section 1026.35(b)(2)(iv)(A) of title 12 of the Code of Federal Regulations. It defines a small financial institution as any of three things: an entity regulated by the Comptroller of the Currency, the Federal Reserve Board, the FDIC, or the National Credit Union Administration that has total consolidated assets of $2,000,000,000 or less; a minority depository institution; or a rural depository institution as just defined. Separately, this section says the Act and the amendments it makes would take effect 90 days after the Act is enacted.
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2. Establishment of Financial Agent Mentor-Protégé 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-Protégé Program (1) In general The Secretary of the Treasury shall establish a program to be known as the Financial Agent Mentor-Protégé 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 amendments made by this Act shall take effect 90 days after the date of the enactment of this Act.
Where it is
In the House.