119-hr3709

[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