Expanding Opportunity for MDIs Act
Bill: H.R.7953 | Sponsor: Rep. Beatty, Joyce (D-OH)
Policy area: Finance and Financial Sector

Summary:
Expanding Opportunity for Minority Depository Institutions Act or the Expanding Opportunity for MDIs Act
This bill establishes the Financial Agent Mentor-Protégé Program within the Department of the Treasury. The program provides participating minority deposit institutions and small financial institutions with mentorship regarding becoming a financial agent for Treasury and improving service capacity.

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 ``Expanding Opportunity for Minority 
Depository Institutions Act'' or the ``Expanding Opportunity for MDIs 
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 Office of Minority and Women Inclusion 
        of the Department of the Treasury shall include in the report 
        submitted to Congress under section 342(e) of the Dodd-Frank 
        Wall Street Reform and Consumer Protection Act 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) 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; or
                            ``(ii) a minority 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.
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