To amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to establish a Financial Agent Mentor-Protégé Program within the Department of the Treasury, and for other purposes.
Sponsors
Legislative Progress
ReportedReported with an amendment, committed to the Committee of the …
Mrs. Beatty introduced the following bill; which was referred to …
Summary
What This Bill Does
This bill creates a voluntary mentorship program within the Department of the Treasury that pairs large financial institutions (with assets over $50 billion) with smaller banks and credit unions (under $2 billion in assets). The program aims to help small, minority-owned, and rural financial institutions build the skills and capacity needed to serve as official Treasury financial agents or improve their services to customers.
Who Benefits and How
Small banks and credit unions, particularly minority depository institutions and rural banks, benefit by receiving mentorship and training that could help them qualify for lucrative Treasury financial agent contracts. These smaller institutions gain access to expertise and resources from major banks that could expand their business opportunities. Large financial institutions serving as mentors may benefit from positive relationships with Treasury and demonstrating commitment to community banking, though participation is voluntary.
Who Bears the Burden and How
The Treasury Department's Office of Minority and Women Inclusion faces new administrative responsibilities, including organizing annual outreach events, managing the exclusion process, and preparing annual reports to Congress on program participation. Large banks that volunteer as mentors take on the time and resource commitment of providing mentorship, though this is voluntary and they may derive reputational or relationship benefits.
Key Provisions
- Establishes the Financial Agent Mentor-Protégé Program administered by the Secretary of the Treasury
- Defines small financial institutions as those with assets under $2 billion, plus all minority depository institutions and rural banks
- Requires the Treasury to hold at least one outreach event per year to promote participation
- Creates an exclusion process allowing the Secretary to remove financial institutions from the program if needed
- Mandates annual reporting to Congress on the number of participants and outreach events held
- Takes effect 90 days after enactment
Evidence Chain:
This summary is derived from the structured analysis below. See "Detailed Analysis" for per-title beneficiaries/burden bearers with clause-level evidence links.
Primary Purpose
Establishes a Financial Agent Mentor-Protégé Program administered by the Secretary of the Treasury to pair large financial institutions with small financial institutions for mentorship and capacity building.
Policy Domains
Legislative Strategy
"Create a voluntary mentorship program to build capacity of small, minority, and rural financial institutions to compete for Treasury financial agent contracts and improve their service capabilities"
Likely Beneficiaries
- Small banks and credit unions (under B assets)
- Minority depository institutions
- Rural depository institutions
- Large banks (over B assets) serving as mentors
Likely Burden Bearers
- Department of Treasury (administrative burden)
- Office of Minority and Women Inclusion (reporting requirements)
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_office"
- → Office of Minority and Women Inclusion of the Department of the Treasury
- "the_secretary"
- → Secretary of the Treasury
Key Definitions
Terms defined in this bill
Any national banking association designated by the Secretary of the Treasury to be employed as a financial agent of the Government
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 ,000,000,000
A depository institution with total consolidated assets of less than ,000,000,000 and located in a rural area
Any entity regulated by banking regulators that has total consolidated assets less than or equal to ,000,000,000; a minority depository institution; or a rural depository institution
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology