Bill > HR3709

This bill establishes a Financial Agent Mentor-Protégé Program within the Department of the Treasury designed to help small financial institutions improve their capabilities and preparedness to serve as financial agents. Under this program, larger financial institutions or designated financial agents can serve as mentors to smaller institutions, helping them either prepare to become financial agents or enhance their service capacities. The Secretary of the Treasury will be responsible for creating and overseeing the program, including holding annual outreach events to promote participation and developing guidance for excluding certain participants if necessary. The program defines specific categories of institutions, including "small financial institutions" as those with assets under $2 billion, minority depository institutions, or rural depository institutions with assets under $10 billion. Large financial institutions are defined as those with consolidated assets of $50 billion or more. The Office of Minority and Women Inclusion at the Treasury will be required to submit an annual report to Congress detailing the number of participants and outreach events. The bill will take effect 90 days after its enactment, providing a transition period for implementation.

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https://www.congress.gov/bill/119th-congress/house-bill/3709/all-info