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Advancing the Mentor-Protégé Program for Small Financial Institutions Act
Summary
This bill establishes a Financial Agent Mentor-Protégé Program within the Treasury Department to pair small financial institutions with large financial institutions or designated financial agents for mentorship. The program aims to help small institutions develop capacity to serve customers and prepare to perform as financial agents of the government. The Treasury Secretary must hold at least annual outreach events, develop regulations for participation and exclusion, and report to Congress on program participation. Small financial institutions are defined as those with assets of $2 billion or less, minority depository institutions, or rural depository institutions.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Beatty, Joyce [D-OH-3] (D-OH)
Actions (13)
- May 13, 2026 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- May 12, 2026 Motion to reconsider laid on the table Agreed to without objection. · house
- May 12, 2026 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3356) · house
- May 12, 2026 Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3356)
- May 12, 2026 DEBATE - The House proceeded with forty minutes of debate on H.R. 3709. · house
- May 12, 2026 Considered under suspension of the rules. (consideration: CR H3356-3357) · house
- May 12, 2026 Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended. · house
- Jul 15, 2025 Placed on the Union Calendar, Calendar No. 168. · house
- Jul 15, 2025 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-205. · house
- Jun 10, 2025 Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 1. · house
- Jun 10, 2025 Committee Consideration and Mark-up Session Held · house
- Jun 4, 2025 Referred to the House Committee on Financial Services. · house
- Jun 4, 2025 Introduced in House
More bills on these subjects (8)
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Text versions (4)
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Full text
AN ACT
To amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to establish a Financial Agent Mentor-Protege Program within the Department of the Treasury, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Advancing the Mentor-Protege Program for Small Financial Institutions Act”.
SEC. 2. ESTABLISHMENT OF FINANCIAL AGENT MENTOR-PROTEGE PROGRAM.
(a) In General.—Section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 note) is amended by adding at the end the following new subsection:
“(d) Financial Agent Mentor-Protege Program.—
“(1) In general.—The Secretary of the Treasury shall establish a program to be known as the ‘Financial Agent Mentor- Protege Program’ (in this subsection referred to as the ‘Program’) under which a financial agent designated by the Secretary or a large financial institution may serve as a mentor, under guidance or regulations prescribed by the Secretary, to a small financial institution to allow such small financial institution—
“(A) to be prepared to perform as a financial agent; or
“(B) to improve capacity to provide services to the customers of the small financial institution.
“(2) Outreach.—The Secretary shall hold outreach events to promote the participation of financial agents, large financial institutions, and small financial institutions in the Program at least once a year.
“(3) Exclusion.—The Secretary shall issue guidance or regulations to establish a process under which a financial agent, large financial institution, or small financial institution may be excluded from participation in the Program.
“(4) Report.—The Secretary shall report to Congress information pertaining to the Program, including—
“(A) the number of financial agents, large financial institutions, and small financial institutions participating in such Program; and
“(B) the number of outreach events described in paragraph (2) held during the year covered by such report.
“(5) Definitions.—In this subsection:
“(A) Financial agent.—The term ‘financial agent’ means any national banking association designated by the Secretary of the Treasury to be employed as a financial agent of the Government.
“(B) Large financial institution.—The term ‘large financial institution’ means 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 $50,000,000,000.
“(C) Rural depository institution.—The term ‘rural depository institution’ means a depository institution (as defined in section 3 of the Federal Deposit Insurance Act)—
“(i) with total consolidated assets of less than $10,000,000,000; and
“(ii) located in a rural area, as defined under section 1026.35(b)(2)(iv)(A) of title 12, Code of Federal Regulations.
“(D) Small financial institution.—The term ‘small financial institution’ means—
“(i) 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 lesser than or equal to $2,000,000,000;
“(ii) a minority depository institution; or
“(iii) a rural depository institution.”.
(b) Effective Date.—This Act and the amendments made by this Act shall take effect 90 days after the date of the enactment of this Act.
Passed the House of Representatives May 12, 2026.
Attest:
Clerk. 119th CONGRESS
2d Session
H. R. 3709
AN ACT
To amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to establish a Financial Agent Mentor-Protege Program within the Department of the Treasury, and for other purposes.
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