Advancing the Mentor-Protégé Program for Small Financial Institutions Act

The Advancing the Mentor-Protege Program for Small Financial Institutions Act would add a new program to the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) administered by the Department of the Treasury. The program, called the Financial Agent Mentor-Protege Program, would let a financial agent designated by the Secretary of the Treasury or a large financial institution mentor a small financial institution. The goal is for the small institution to be prepared to act as a financial agent or to strengthen its ability to serve customers. The Treasury would conduct annual outreach to encourage participation, establish a process to exclude participants if needed, and require reporting from the Treasury’s Office of Minority and Women Inclusion (OMWI) to Congress on participation and outreach. The act defines who counts as a “financial agent,” a “large financial institution,” a “rural depository institution,” and a “small financial institution,” with thresholds that determine eligibility and scope. The program would take effect 90 days after enactment.