Sec. 8. Establishment of Financial Agent Mentor-Protégé Program
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Section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note), as amended by section 6(f), is further amended by adding at the end the following new subsection: The Secretary of the Treasury shall establish a program to be known as the Financial Agent Mentor-Protégé 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— to be prepared to perform as a financial agent; or to improve capacity to provide services to the customers of the small financial institution.
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. 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. The Office of Minority and Women Inclusion of the Department of the Treasury shall include in the report submitted to Congress under section 342(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act information pertaining to the Program, including— the number of financial agents, large financial institutions, and small financial institutions participating in such Program; and the number of outreach events described in paragraph
(2)held during the year covered by such report. In this subsection: 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. 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. The term small 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 lesser than or equal to $2,000,000,000; or a minority depository institution. . This section and the amendments made by this section shall take effect 90 days after the date of the enactment of this Act.
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Sec. 8
Establishment of Financial Agent Mentor-Protégé Program
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