Advancing the Mentor-Protégé Program for Small Financial Institutions Act

This legislation establishes the Financial Agent Mentor-Protege Program within the Department of the Treasury, amending the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. The program aims to foster growth and capability among small financial institutions by pairing them with larger, more experienced entities. Under this program, designated financial agents or large financial institutions will serve as mentors to small financial institutions. The mentorship is intended to prepare these smaller institutions to perform as financial agents for the government or to enhance their capacity to provide services to their customers. The Secretary of the Treasury is responsible for prescribing guidance or regulations for the program's operation. To ensure broad participation, the Secretary must conduct annual outreach events promoting the program. Furthermore, the bill requires the Secretary to establish a process for excluding entities from participation. The Office of Minority and Women Inclusion within the Treasury Department will also be required to report annually to Congress on the program's activities, including the number of participating institutions and outreach events held. The bill defines "small financial institution" broadly to include entities with assets up to $2 billion, minority depository institutions, and rural depository institutions, ensuring a wide range of smaller entities can benefit from the program.