Legis Daily

Advancing the Mentor-Protégé Program for Small Financial Institutions Act

USA119th CongressHR-3709| House 
| Updated: 7/15/2025
Joyce Beatty

Joyce Beatty

Democratic Representative

Ohio

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.

Bill Text Versions

View Text
2 versions available

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jun 4, 2025
Introduced in House
Jun 4, 2025
Referred to the House Committee on Financial Services.
Jun 10, 2025
Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 1.
Jun 10, 2025
Committee Consideration and Mark-up Session Held
Jul 15, 2025
Placed on the Union Calendar, Calendar No. 168.
Jul 15, 2025
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-205.
  • June 4, 2025
    Introduced in House


  • June 4, 2025
    Referred to the House Committee on Financial Services.


  • June 10, 2025
    Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 1.


  • June 10, 2025
    Committee Consideration and Mark-up Session Held


  • July 15, 2025
    Placed on the Union Calendar, Calendar No. 168.


  • July 15, 2025
    Reported (Amended) by the Committee on Financial Services. H. Rept. 119-205.

Finance and Financial Sector

Corporate finance and managementEmployment and training programsFinancial services and investments

Advancing the Mentor-Protégé Program for Small Financial Institutions Act

USA119th CongressHR-3709| House 
| Updated: 7/15/2025
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.

Bill Text Versions

View Text
2 versions available

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jun 4, 2025
Introduced in House
Jun 4, 2025
Referred to the House Committee on Financial Services.
Jun 10, 2025
Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 1.
Jun 10, 2025
Committee Consideration and Mark-up Session Held
Jul 15, 2025
Placed on the Union Calendar, Calendar No. 168.
Jul 15, 2025
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-205.
  • June 4, 2025
    Introduced in House


  • June 4, 2025
    Referred to the House Committee on Financial Services.


  • June 10, 2025
    Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 1.


  • June 10, 2025
    Committee Consideration and Mark-up Session Held


  • July 15, 2025
    Placed on the Union Calendar, Calendar No. 168.


  • July 15, 2025
    Reported (Amended) by the Committee on Financial Services. H. Rept. 119-205.
Joyce Beatty

Joyce Beatty

Democratic Representative

Ohio

Financial Services Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Corporate finance and managementEmployment and training programsFinancial services and investments