[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5315 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 5315

 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.


_______________________________________________________________________


                    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-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 (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 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-Protege 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-Protege 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.
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