Expanding Opportunity for MDIs Act

Bill: 116-hr-5315
Sponsor: full_name: Rep. Beatty, Joyce [D-OH-3]
Introduced: 2019-12-05
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital

Congressional oversight

Minority and disadvantaged businesses
Latest action: action_date: 2020-01-14
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2019-12-05
action_desc: Introduced in House
text: <p><b>Expanding Opportunity for Minority Depository Institutions (MDIs) Act </b></p> <p>This bill establishes the Financial Agent Mentor-Prot&eacute;g&eacute; Program within the Department of the Treasury. The program provides participating minority deposit institutions with mentorship regarding becoming a financial agent for Treasury. </p>

action_date: 2020-01-13
action_desc: Passed House
text: <p><b>Expanding Opportunity for Minority Depository Institutions Act </b><b>or the Expanding Opportunity for MDIs Act</b></p> <p>This bill establishes the Financial Agent Mentor-Prot&eacute;g&eacute; 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.</p>

tv_txt: I 116th CONGRESS 1st Session H. R. 5315 IN THE HOUSE OF REPRESENTATIVES December 5, 2019 Mrs. Beatty (for herself, Mr. Meeks , Mr. Heck , Mr. Green of Texas , and Mr. Cleaver ) 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-Protégé Program within the Department of the Treasury, and for other purposes.

1. Short title This Act may be cited as the Expanding Opportunity for Minority Depository Institutions (MDIs) Act . 2. Establishment of Financial Agent Mentor-Protégé 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-Protégé Program (1) In general The Secretary of the Treasury shall establish a program to be known as the Financial Agent Mentor-Protégé Program (in this subsection referred to as the Program ) under which a financial agent shall serve as a mentor to a minority depository institution so that such minority depository institution may become a financial agent. (2) Outreach The Secretary shall hold outreach events to promote the participation of financial agents and minority depository institutions in the Program at least once a year. (3) Exclusion The Secretary may exclude financial agents and minority depository institutions 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 participating in such Program; and (B) the number of outreach events described in paragraph (2) held during the year covered by such report. (5) Financial agent defined In this subsection, the term financial agent means any national banking association selected by the Secretary of the Treasury to be employed as a financial agent of the Government in accordance with section 5153 of the Revised Statutes of the United States. . (b) Community Reinvestment Act credit Section 804 of the Community Reinvestment Act of 1977 ( 12 U.S.C. 2903 ) is amended by adding at the end the following new subsection: (e) Financial Agent Mentor-Protégé Program participation In assessing and taking into account, under subsection (a), the record of a financial institution, the appropriate Federal financial supervisory agency shall consider as a factor the financial institution’s participation as a mentor financial agent in the Financial Agent Mentor-Protégé Program of the Department of the Treasury (established under section 308(d) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989). . (c) 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.

tv_txt: I 116th CONGRESS 2d Session H. R. 5315 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to establish a Financial Agent Mentor-Protégé Program within the Department of the Treasury, and for other purposes.

1. Short title This Act may be cited as the Expanding Opportunity for Minority Depository Institutions Act or the Expanding Opportunity for MDIs Act . 2. Establishment of Financial Agent Mentor-Protégé 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-Protégé Program (1) In general The Secretary of the Treasury shall establish a program to be known as the Financial Agent Mentor-Protégé 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.

Passed the House of Representatives January 13, 2020. Cheryl L. Johnson, Clerk.

tv_txt: IIB 116th CONGRESS 2d Session H. R. 5315 IN THE SENATE OF THE UNITED STATES January 14, 2020 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-Protégé Program within the Department of the Treasury, and for other purposes.

1. Short title This Act may be cited as the Expanding Opportunity for Minority Depository Institutions Act or the Expanding Opportunity for MDIs Act . 2. Establishment of Financial Agent Mentor-Protégé 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-Protégé Program (1) In general The Secretary of the Treasury shall establish a program to be known as the Financial Agent Mentor-Protégé 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.

Passed the House of Representatives January 13, 2020. Cheryl L. Johnson, Clerk.