This bill would create a "Financial Agent Mentor-Protege Program" at the Department of the Treasury. Under the program, a Treasury-designated financial agent or a large financial institution would serve as a mentor to a small financial institution. The mentors would help small institutions prepare to act as a financial agent or to improve their ability to provide services to their customers. The Secretary of the Treasury must hold outreach events at least once a year, set rules to exclude participants when needed, and require the Treasury Office of Minority and Women Inclusion to report yearly on program participation and outreach. The bill defines which institutions count as financial agents, large institutions (assets of $50 billion or more), rural depository institutions (assets under $10 billion and located in specified rural areas), and small financial institutions (assets up to $2 billion, or minority depository institutions, or rural depository institutions). The bill would take effect 90 days after enactment.
No publicly available information.
The text of the bill shows it is intended to increase the capacity of small, minority, and rural financial institutions by pairing them with larger institutions or Treasury-designated financial agents, encouraging regular outreach, and collecting participation data for oversight.
No publicly available information.