Advancing the Mentor-Protégé Program for Small Financial Institutions Act
Summary
HB 3709, the Advancing the Mentor-Protégé Program for Small Financial Institutions Act, would amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to create a new Financial Agent Mentor-Protégé Program within the Department of the Treasury. Under the program, a Treasury-designated financial agent or a large financial institution could serve as a mentor to a small financial institution, with the goal of helping the smaller institution become prepared to act as a financial agent or improve its capacity to serve customers.
The bill directs the Treasury Secretary to issue guidance or regulations governing the program, hold outreach events at least annually to encourage participation, and establish a process for excluding participants from the program if needed. It also requires the Treasury Department’s Office of Minority and Women Inclusion to report to Congress on program participation and outreach activity as part of its existing annual reporting obligations.
Impact
The bill would add a new subsection to section 308 of FIRREA, creating a formal Treasury-run mentorship structure for banks, credit unions, and other regulated financial institutions. It defines key terms such as financial agent, large financial institution, small financial institution, minority depository institution, and rural depository institution, and it would take effect 90 days after enactment. The practical effect is to expand federal support for smaller institutions—especially minority-owned and rural institutions—by facilitating knowledge transfer and capacity-building with larger institutions and Treasury financial agents.
Sentiment
Based on the available legislative record, the bill appears to have a generally supportive and noncontroversial policy framing. Its title and structure suggest a pro-small-business, pro-community-bank approach focused on mentorship, inclusion, and operational capacity rather than regulation or enforcement. No committee transcript or recorded votes were provided, so there is no evidence in the supplied materials of organized opposition or divided sentiment.
Contention
No specific points of contention are documented in the provided materials. Potential areas of debate, if raised, would likely concern the scope of Treasury’s authority to set program rules, the administrative burden of outreach and reporting, and whether participation should be voluntary or subject to exclusion criteria. The bill’s emphasis on large institutions mentoring smaller ones may also raise questions about implementation, eligibility thresholds, and whether the program sufficiently benefits minority depository institutions and rural depository institutions.
Requires undergraduate students to file degree plan and requires institutions of higher education and certain propriety institutions to develop pathway systems to graduation.
Requires undergraduate students to file degree plan and requires institutions of higher education and certain proprietary institutions to develop pathway systems to graduation.
Establishes process for merger or consolidation of public institution of higher education with other institutions of higher education or certain proprietary institutions; requires executive and legislative approval of merger or consolidation.
Establishes process for merger or consolidation of public institution of higher education with other institutions of higher education or certain proprietary institutions; requires executive and legislative approval of merger or consolidation.
Relating to the issuance of a diploma to a student graduating from a public institution of higher education that has undergone a merger, acquisition, or name change.