Advancing the Mentor-Protégé Program for Small Financial Institutions Act

Key Points

• The bill creates a new program at the Treasury Department that pairs large banks with smaller ones. Big banks with at least $50 billion in assets would act as mentors to help smaller local lenders grow.
• Small banks, rural banks, and minority owned banks with less than $2 billion in assets are eligible for help. The goal is to help these smaller institutions learn how to handle government business and better serve their local customers.
• The Treasury Department would be required to hold at least one public event every year to get banks involved. They must also track how many banks participate and report those numbers to Congress to ensure the program is working.
• If passed, the program would start 90 days after becoming law. It aims to strengthen local banking options for people in rural areas or underserved communities by giving their local banks access to the expertise of major national institutions.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.