Advancing the Mentor-Protégé Program for Small Financial Institutions Act
Small Bank Mentorship: New Treasury Program
The House of Representatives has passed this bill, and it is now moving to the Senate for further consideration. It is currently active as it waits for the Senate to review and vote on the proposal. There are no other companion bills currently linked to this legislation.
Legislative Progress
The bill has already cleared the committee stage, which is a major hurdle. Its final success depends on finding time on the full House and Senate calendars.
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.
Milestones
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3356)
The House fast-tracked this bill — limited debate, no amendments allowed, but needs two-thirds support to pass.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
The House fast-tracked this bill — limited debate, no amendments allowed, but needs two-thirds support to pass.
DEBATE - The House proceeded with forty minutes of debate on H.R. 3709.
Considered under suspension of the rules. (consideration: CR H3356-3357)
The House fast-tracked this bill — limited debate, no amendments allowed, but needs two-thirds support to pass.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Advancing the Mentor-Protégé Program for Small Financial Institutions Act
Data Sources
Sponsor
Analysis generated by AI. Always verify with official sources.