Advancing the Mentor-Protégé Program for Small Financial Institutions Act

Bill Number

H.R. 3709

Origin Chamber

House

Congress

119th Congress, Session 2

Policy Area

Finance and Financial Sector

Status

Passed House

Latest Action

2026-05-13: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Last Updated

2026-06-11T23:26:38Z

AI-Generated Summary

Purpose The legislation establishes a mentorship program within the Department of the Treasury to help small financial institutions prepare to serve as government financial agents or strengthen their ability to serve their own customers. It aims to support smaller banks through partnerships with larger ones.

Key Provisions

• The Secretary of the Treasury must create the Financial Agent Mentor-Protege Program.
• Under the program, a Treasury-designated financial agent or a large financial institution can mentor a small financial institution.
• The Secretary must hold at least one outreach event each year to encourage participation.
• The Secretary must issue guidance or regulations to exclude participants when necessary.
• The Secretary must submit an annual report to Congress detailing the number of participants and outreach events.
• The program takes effect 90 days after the bill becomes law.

Significant Changes to Existing Law The bill adds a new subsection (d) to Section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. This creates the first formal mentor-protege program for financial agents under that law.

Potential Impacts

• The Department of the Treasury must administer the program, including outreach and reporting.
• Small financial institutions may gain improved capacity through mentorship.
• Large financial institutions and existing financial agents gain an optional role as mentors.
• No direct effects on international relations are addressed in the legislation.

Main Stakeholders Affected

• The Department of the Treasury.
• Large financial institutions with at least $50 billion in total consolidated assets.
• Small financial institutions with no more than $2 billion in total consolidated assets.
• Minority depository institutions and rural depository institutions (those with under $10 billion in assets located in rural areas).
• Congress, which receives annual reports on program activity.

Notable Legal, Constitutional, or Political Implications The bill grants the Secretary of the Treasury authority to issue guidance and regulations for the program and to exclude participants. It requires regular reporting to Congress but does not alter existing banking regulatory structures or raise apparent constitutional questions within the text.

This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.

Sponsor

Rep. Beatty, Joyce [D-OH-3]

Recent Actions

• 2026-05-13: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• 2026-05-12: Motion to reconsider laid on the table Agreed to without objection.
• 2026-05-12: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3356)
• 2026-05-12: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3356)
• 2026-05-12: DEBATE - The House proceeded with forty minutes of debate on H.R. 3709.
• 2026-05-12: Considered under suspension of the rules. (consideration: CR H3356-3357)
• 2026-05-12: Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
• 2025-07-15: Placed on the Union Calendar, Calendar No. 168.
• 2025-07-15: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-205.
• 2025-07-15: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-205.
• 2025-06-10: Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 1.
• 2025-06-10: Committee Consideration and Mark-up Session Held
• 2025-06-04: Referred to the House Committee on Financial Services.
• 2025-06-04: Introduced in House
• 2025-06-04: Introduced in House

Bill Versions

• Advancing the Mentor-Protégé Program for Small Financial Institutions Act — issued 2026-05-12 — PDF (6 pages)
• Advancing the Mentor-Protégé Program for Small Financial Institutions Act — issued 2025-06-04 — PDF (5 pages)
• Advancing the Mentor-Protégé Program for Small Financial Institutions Act — issued 2026-05-13 — PDF (5 pages)
• Advancing the Mentor-Protégé Program for Small Financial Institutions Act — issued 2025-07-15 — PDF (8 pages)