H.R. 3709

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3709 Referred in Senate (RFS)]

<DOC>
119th CONGRESS
2d Session
H. R. 3709

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

May 13, 2026

Received; read twice and referred to the Committee on Banking, Housing, 
and Urban Affairs

_______________________________________________________________________

AN ACT

To amend the Financial Institutions Reform, Recovery, and Enforcement 
Act of 1989 to establish a Financial Agent Mentor-Protege Program 
within the Department of the Treasury, and for other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Advancing the Mentor-Protege Program 
for Small Financial Institutions Act''.

SEC. 2. ESTABLISHMENT OF FINANCIAL AGENT MENTOR-PROTEGE PROGRAM.

(a) In General.--Section 308 of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 note) is amended 
by adding at the end the following new subsection:
``(d) Financial Agent Mentor-Protege Program.--
``(1) In general.--The Secretary of the Treasury shall 
establish a program to be known as the `Financial Agent Mentor-
Protege 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--
``(A) to be prepared to perform as a financial 
agent; or
``(B) to improve capacity to provide services to 
the customers of the small financial institution.
``(2) Outreach.--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.
``(3) Exclusion.--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.
``(4) Report.--The Secretary shall report to Congress 
information pertaining to the Program, including--
``(A) the number of financial agents, large 
financial institutions, and small financial 
institutions participating in such Program; and
``(B) the number of outreach events described in 
paragraph (2) held during the year covered by such 
report.
``(5) Definitions.--In this subsection:
``(A) Financial agent.--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.
``(B) Large financial institution.--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.
``(C) Rural depository institution.--The term 
`rural depository institution' means a depository 
institution (as defined in section 3 of the Federal 
Deposit Insurance Act)--
``(i) with total consolidated assets of 
less than $10,000,000,000; and
``(ii) located in a rural area, as defined 
under section 1026.35(b)(2)(iv)(A) of title 12, 
Code of Federal Regulations.
``(D) Small financial institution.--The term `small 
financial institution' means--
``(i) 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;
``(ii) a minority depository institution; 
or
``(iii) a rural depository institution.''.
(b) Effective Date.--This Act and the amendments made by this Act 
shall take effect 90 days after the date of the enactment of this Act.

Passed the House of Representatives May 12, 2026.

Attest:

KEVIN F. MCCUMBER,

Clerk.