The bill, titled the "Advancing the Mentor-Protégé Program for Small Financial Institutions Act," aims to establish the Financial Agent Mentor-Protégé Program. This program, under the Secretary of the Treasury, will allow a designated financial agent or a large financial institution to mentor a small financial institution, guiding them to perform as a financial agent. The bill focuses on developing the capabilities of small financial institutions to effectively function in this capacity.
Advancing the Mentor-Protégé Program for Small Financial Institutions Act
This bill establishes the Financial Agent Mentor-Protégé Program within the Department of the Treasury. The program provides participating minority and rural depository institutions and small financial institutions with mentorship from large financial institutions or from financial agents designated by Treasury. This mentorship prepares protégé institutions to improve service capacity or to perform as financial agents for the federal government.