I 

118TH CONGRESS 

2D SESSION H. R. 7483 

To amend the Financial Institutions Reform, Recovery, and Enforcement 

Act of 1989 to establish a Financial Agent Mentor-Prote ́ge ́ Program 

within the Department of the Treasury, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 29, 2024 

Mrs. BEATTY (for herself, Mr. CARSON, Mr. CARTER of Louisiana, Mr. 

CLEAVER, Ms. GARCIA of Texas, Mr. GREEN of Texas, Ms. JACKSON

LEE, Mr. JOHNSON of Georgia, Ms. LEE of California, Ms. NORTON, Ms. 

PLASKETT, Mrs. RAMIREZ, Ms. TOKUDA, Mrs. WATSON COLEMAN, and 

Ms. WILLIAMS of Georgia) introduced the following bill; which was referred to the Committee on Financial Services 

A BILL 

To amend the Financial Institutions Reform, Recovery, and 

Enforcement Act of 1989 to establish a Financial Agent 

Mentor-Prote ́ge ́ Program within the Department of the 

Treasury, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Expanding Oppor5 tunity for Minority Depository Institutions Act’’ or the 

6 ‘‘Expanding Opportunity for MDIs Act’’. 


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1 SEC. 2. ESTABLISHMENT OF FINANCIAL AGENT MENTOR2 PROTE ́ GE ́ PROGRAM. 

3 (a) IN GENERAL.—Section 308 of the Financial In4 stitutions Reform, Recovery, and Enforcement Act of 

5 1989 (12 U.S.C. 1463 note) is amended by adding at the 

6 end the following new subsection: 

7 ‘‘(d) FINANCIAL AGENT MENTOR-PROTE ́GE ́ PRO8 GRAM.— 

9 ‘‘(1) IN GENERAL.—The Secretary of the 

10 Treasury shall establish a program to be known as 

11 the ‘Financial Agent Mentor-Prote ́ge ́ Program’ (in 

12 this subsection referred to as the ‘Program’) under 

13 which a financial agent designated by the Secretary 

14 or a large financial institution may serve as a men15 tor, under guidance or regulations prescribed by the 

16 Secretary, to a small financial institution to allow 

17 such small financial institution— 

18 ‘‘(A) to be prepared to perform as a finan19 cial agent; or 

20 ‘‘(B) to improve capacity to provide serv21 ices to the customers of the small financial in22 stitution. 

23 ‘‘(2) OUTREACH.—The Secretary shall hold 

24 outreach events to promote the participation of fi25 nancial agents, large financial institutions, and small 


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1 financial institutions in the Program at least once a 

2 year. 

3 ‘‘(3) EXCLUSION.—The Secretary shall issue 

4 guidance or regulations to establish a process under 

5 which a financial agent, large financial institution, 

6 or small financial institution may be excluded from 

7 participation in the Program. 

8 ‘‘(4) REPORT.—The Office of Minority and 

9 Women Inclusion of the Department of the Treasury 

10 shall include in the report submitted to Congress 

11 under section 342(e) of the Dodd-Frank Wall Street 

12 Reform and Consumer Protection Act information 

13 pertaining to the Program, including— 

14 ‘‘(A) the number of financial agents, large 

15 financial institutions, and small financial insti16 tutions participating in such Program; and 

17 ‘‘(B) the number of outreach events de18 scribed in paragraph (2) held during the year 

19 covered by such report. 

20 ‘‘(5) DEFINITIONS.—In this subsection: 

21 ‘‘(A) FINANCIAL AGENT.—The term ‘fi22 nancial agent’ means any national banking as23 sociation designated by the Secretary of the 

24 Treasury to be employed as a financial agent of 

25 the Government. 


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1 ‘‘(B) LARGE FINANCIAL INSTITUTION.— 

2 The term ‘large financial institution’ means any 

3 entity regulated by the Comptroller of the Cur4 rency, the Board of Governors of the Federal 

5 Reserve System, the Federal Deposit Insurance 

6 Corporation, or the National Credit Union Ad7 ministration that has total consolidated assets 

8 greater than or equal to $50,000,000,000. 

9 ‘‘(C) SMALL FINANCIAL INSTITUTION.— 

10 The term ‘small financial institution’ means— 

11 ‘‘(i) any entity regulated by the 

12 Comptroller of the Currency, the Board of 

13 Governors of the Federal Reserve System, 

14 the Federal Deposit Insurance Corpora15 tion, or the National Credit Union Admin16 istration that has total consolidated assets 

17 lesser than or equal to $2,000,000,000; or 

18 ‘‘(ii) a minority depository institu19 tion.’’. 

20 (b) EFFECTIVE DATE.—This Act and the amend21 ments made by this Act shall take effect 90 days after 

22 the date of the enactment of this Act. 

Æ 


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