Advancing the Mentor-Protégé Program for Small Financial Institutions Act

H.R. 3709 would create the Financial Agent Mentor-Protégé Program within the Department of the Treasury if enacted. The program would pair smaller financial institutions, particularly those serving minority and rural communities, with larger financial institutions or Treasury-designated financial agents. These mentoring relationships would help smaller institutions improve their operational capacity and prepare them to serve as financial agents for the federal government.

If passed, the practical effect would be to strengthen smaller and community-focused financial institutions by providing them access to expertise and resources from larger financial institutions. This could help these institutions better serve their customers and potentially expand their ability to handle federal financial services. The bill has been approved by the House Financial Services Committee and is eligible for a floor vote, though it has not yet become law.